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Posted: October 20th, 2022
Final Exam Bus 634 100+ MCQ
Final Exam, comprehensive 107 points total
Please use the Word template provided to complete and
submit the test. Good luck!!
1. Not-for-profit health care organization
financial statements include a
a.
Statement of Cash Flows
c.
Statement of Revenues, Expenses, and
Changes in Fund Balance
b.
Statement of Activities
d.
Statement of Budget to Actual
2. Not-for-profit
health care organization financial statements include a
a.
Statement of Net Assets
c.
Statement of Operations
b.
Statement of Activities
d.
Statement of Budget to Actual
3. A not-for-profit health care organization
Statement of Operations displays the
a.
cash balance at the end of the year
c.
net cash used by operating activities
b.
amount of operating income
d.
classified net assets
4. When
the Allowance for Doubtful Accounts is adjusted, the expense is charged to
a.
Charity Care
c.
Doubtful Account Expenses
b.
Provision for Bad Debts
d.
Reservation of Fund Equity
5. Public colleges and universities follow accounting
standards issued by
a.
GASB
c.
AICPA
b.
FASB
d.
NACUBO
6.
GASB Statement No. 35 requires governmental colleges and universities to
a.
follow the GASB Statement No. 34
financial reporting model
c.
use the 1995 AICPA Audits of Colleges
and Universitiesfinancial reporting model
b.
produce a Statement of Operations
d.
only use the modified approach for
infrastructure assets
7. A
college or university is classified as governmental if
a.
the governing board is appointed by the
college president
c.
the governing board is publicly elected
b.
the university pays corporate income
taxes
d.
all of the above
8. The
Coleville Community College can levy taxes, issue tax-exempt debt and the
governing board is publicly elected. The
Coleville Community College is a
a.
private not-for-profit organization
c.
business-type activity
b.
governmental organization
d.
both b and c are correct
9. Governmental
colleges and universities implementing GASB Statements No. 34 and 35 will
a.
no longer use funds
c.
use invested in capital assets net of
related debt, restricted and unrestricted net asset classes
b.
use restricted, unrestricted and
temporarily restricted net asset classes
d.
none of the above
10. Colleges and universities may elect to record
transactions directly into net asset classes rather than
a.
the Statement of Activities
c.
funds
b.
the Statement of Operations
d.
liabilities
11. Governmental
colleges and universities display student financial aid as a(n)
a.
discount
c.
it is not displayed
b.
expense
d.
expenditure
12. A public college provides scholarship
Helpance of $8,000,000 to its students.
When the students register for classes the college applies $7,500,000 of
the financial aid to their tuition and fee bills of $10,000,000 and students
receive $500,000 in cash. The amount
that will be recognized as tuition and fee revenue by the college is
a.
$10,000,000
c.
$2,500,000
b.
$2,000,000
d.
$9,500,000
13. A
public university bills $80,000,000 in tuition and fees and provides
$23,000,000 in financial aid. The
university refunds in cash $800,000 of this financial aid directly to students.
What amount will the university report as
tuition and fee revenue?
a.
$80,000,000
c.
$57,000,000
b.
$79,200,000
d.
$57,800,000
14. A
public college has tuition and fee billings of $30,000,000 and provides
$6,000,000 in financial aid to students.
The students apply $5,200,000 of this financial aid to their tuition and
fee bill and take the excess in cash.
What amount is reported as an expense for financial aid?
a.
$6,000,000
c.
$800,000
b.
$5,200,000
d.
$6,800,000
15. A public college and university have tuition
and fee revenue of $18,000,000 for the summer semester that bridges two fiscal
years. Sixty percent of the instruction
takes place in the next fiscal year and the university decides to allocate the
revenue on that basis. The journal entry
to record this transaction in the current fiscal year will include
a.
$10,800,000 in revenue
c.
$10,800,000 in deferred revenue
b.
$18,000,000 in revenue
d.
$7,200,000 in deferred revenue
16. A patron gets a call from the Metropolitan
Opera Society and pledges $1,000 to be used for general operations. The Metropolitan Opera Society will record
a.
Contribution Revenue – Unrestricted
c.
Contribution Revenue – Permanently
Restricted
b.
Contribution Revenue – Temporarily
Restricted
d.
nothing because it is only an oral
pledge
17. The Humane Society conducts a fund-raising
drive by telephone and has total pledges of $55,000 and notes on other possible
donors who were still considering making pledges of $8,000. What amount of contribution revenue will be
recorded?
a.
$55,000
c.
$8,000
b.
$63,000
d.
Zero
18. A
donor makes a pledge to the zoo of $8,000 that will be paid in four
installments of $2,000 each this year.
The first installment of $2,000 is mailed in with the pledge card and
the zoo will record
a.
Contribution Revenue – Temporarily
Restricted of $8,000
c.
Contribution Revenue – Unrestricted of
$2,000
b.
Contribution Revenue – Temporarily
Restricted of $6,000
d.
both b and c
19. A
local charity received a $1,000 pledge that the donor agrees to pay next
year. This is a(n)
a.
unconditional, unrestricted contribution
c.
conditional, unrestricted contribution
b.
unconditional, restricted contribution
d.
conditional, restricted contribution
20. A woman cleans out her attic and takes her
thirty-year old clothes to her local Goodwill store. She estimates she could get $50 for these if
she held a garage sale. The Goodwill
store sorts the clothes and determines they cannot be used or sold and puts
them in the pile that will go to the landfill.
Goodwill should record
a.
a loss equal to amount of the dumping
fee
c.
nothing
b.
a $50 unrestricted contribution
d.
a $50 unrestricted contribution net of
the dumping fee
21. The
League of Women Voters meets once a month in a conference room that is made
available free by a local hotel and spends $25 for coffee and cookies at the
hotel. The normal rental rate for this
room is $150. The League will record
a.
nothing
c.
$125 unrestricted contribution
b.
$150 temporarily restricted contribution
d.
$150 unrestricted contribution
22. A
local corporation provides blankets worth $5,000 during a winter blizzard to be
handed out by the homeless shelter to the needy. The shelter will record
a.
an unrestricted contribution of $5,000
c.
a temporarily restricted contribution of
$5,000
b.
an asset and liability of $5,000 each
d.
none of the above
23. A contributed service may be recognized as
contribution revenue if it is a
a.
service that helps the organization
c.
skill the organization normally
purchases
b.
specialized skill possessed by the
individual
d.
b and c
24. A
Certified Public Accountant provides 100 hours of free audit services to a
local museum that is valued at $50 an hour and also helps out by spending 100
hours helping clean and landscape the grounds.
The museum would record contribution revenue of
a.
$5,000
c.
zero
b.
$10,000
d.
none of the above
25. A
sculpture worth $22,000 is donated to a botanical garden that has an outdoor
sculpture park. The botanical garden has
decided to capitalize their sculpture collection so the donation would be
recorded as a
a.
unrestricted contribution
c.
temporarily restricted contribution
b.
permanently restricted contribution
d.
invested in capital assets net of
related debt
26. A
viewer makes a $100 pledge to the local public broadcasting station and
receives a coffee mug valued at $2 in return.
The station will record contribution revenue in the amount of
a.
$100
c.
$102
b.
$98
d.
zero
27. Supporting services include
a.
fund-raising activities
c.
management and general
b.
membership development
d.
all of the above
28. Not-for-profit organizations record capital
assets in the
a.
capital asset account
c.
depreciation account
b.
property and equipment account
d.
net assets account
29. Not-for-profit
organizations classify net assets as
a.
conditional or unconditional
c.
temporarily restricted, permanently
restricted or unrestricted
b.
restricted or unrestricted
d.
restricted, unrestricted and invested in
capital assets net of related debt
30. Investment
income or net appreciation generated from unrestricted donated assets should be
reported
a.
as a change in unrestricted net assets
c.
as a change in cash
b.
where the donor specified
d.
as a change in contributions
31. FASB
Statement No. 124 requires that losses on investments of a donor-restricted
endowment fund will
a.
reduce temporarily restricted net assets
first
c.
reduce unrestricted net assets first
b.
reduce the endowment
d.
be charged off as an expense
32. The
basic financial statements for a not-for-profit opera society include a
a.
Statement of Activities
c.
Statement of Budget to Actual
b.
Statement of Net Assets
d.
Balance Sheet
33. The
basic financial statements for the American Red Cross include
a.
Statement of Net Assets
c.
Statement of Budget to Actual
b.
Statement of Functional Expenses
d.
all of the above
34. The
Statement of Functional Expenses is only required for
a.
art museums
c.
religious organizations
b.
labor unions
d.
voluntary health and welfare
organizations
35. The
Statement of Financial Position classifies assets, liabilities and net assets
by
a.
fund
c.
unrestricted, temporarily restricted or
permanently restricted
b.
program or supporting service
d.
revenues or expense
36. The
primary government’s financial reporting entity includes
a.
organizations for which the primary
government is an issuer of conduit debt
c.
organizations that receive grants from
the primary government
b.
organizations for which the primary
government is financially accountable
d.
organizations that collect taxes for the
primary government
37. Financial
accountability exists if the primary government
a.
collects taxes for the entity but cannot
impose its will on the entity
c.
cannot impose its will on the
organization
b.
appoints a majority of the governing
body and is responsible to fund any deficit incurred by the organization
d.
appoints a majority of the governing
body and collects taxes and issues conduit debt for the entity
38. A
primary government would have a potential financial benefit or burden from
another organization if the primary government can
a.
modify the organization’s budget
c.
modify the organization’s fees
b.
use the organization’s resources
d.
appoint the organization’s finance
director
39. Component
units are
a.
all other legally separate governmental
entities that are located within a county
c.
other organizations that should be
included to prevent the financial statements from being misleading
b.
all funds of the primary government
d.
all entities that participate in an external
pool
40. A
component unit is blended if
a.
the primary government can use or access
the organization’s resources
c.
the primary government is obligated in
some manner to repay the debt of the organization
b.
the primary government can impose its
will and appoint a majority of the governing board
d.
the governing bodies of the component
unit and the primary government are substantially the same
41. Discretely
presented component units are shown on the government-wide financial statements
a.
in a separate column(s) of the Statement
of Net Assets
c.
only as a footnote disclosure
b.
blended with the primary government’s
data
d.
in the governmental activities column of
the Statement of Net Assets
42. The
Management’s Discussion and Analysis
a.
is optional under the GASB Statement No.
34 financial reporting model
c.
should provide an analysis of
significant variations between the original and final budget
b.
should only discuss events that occurred
during the fiscal year
d.
should include all notes to the
financial statements
43. Required governmental fund financial
statements include
a.
Statement of Net Assets and Statement of
Revenues, Expenditures and Changes in Fund Balances
c.
Balance Sheet and Statement of Revenues,
Expenditures and Changes in Fund Balances
b.
Balance Sheet and Statement of
Activities
d.
Statement of Net Assets and Statement of
Activities
44. A government must designate major and
nonmajor funds for
a.
all fund categories
c.
each governmental and proprietary fund
b.
each governmental and fiduciary fund
d.
each governmental and enterprise fund
45. The
major funds of a financial reporting entity would
a.
be presented in a separate column in the
government-wide statements
c.
include an Enterprise fund if its assets
are 10% or more of the corresponding element for all funds
b.
always include the General fund
d.
both a and b
46. What
are the two major sections of the Governmental Funds Balance Sheet?
a.
Assets; Liabilities and Fund Balances
c.
Assets and Liabilities; Net Assets
b.
Net Assets; Liabilities and Fund Equity
d.
Assets; Liabilities and Net Assets
47. On
the fund financial statements, assets and liabilities are
a.
listed in alphabetical order
c.
listed in order of relative liquidity
b.
classified as reserved and unreserved
d.
classified as unrestricted, temporarily
restricted or permanently restricted
48. On the Governmental Funds Balance Sheet there
is a separate column for
a.
each governmental fund and a total for
all governmental funds
c.
the General fund, major governmental
funds combined, nonmajor funds combined, and a total of all funds
b.
the General fund, each major
governmental fund, and a total of all component unit governmental funds
d.
each major governmental fund, nonmajor
governmental funds combined, and a total of all governmental funds
49. The
governmental fund financial statements must include
a.
component unit governmental fund totals
c.
the classification of fund balance as
designated and undesignated
b.
a summary reconciliation to the
government-wide financial statements
d.
details of the six-step conversion to
the government-wide financial statements
50. In
the conversion from the governmental fund financial statements to the
government-wide statements, the amount of capital assets and accumulated
depreciation are
a.
included as a capital outlay expenditure
c.
increase the amount of total net assets
b.
added as noncurrent assets
d.
both b and c
51. The
reconciliation of total governmental fund balances on the Governmental Funds
Balance Sheet to net assets of governmental activities in the government-wide
Statement of Net Assets includes
a.
adding assets and liabilities of
Internal Service funds
c.
adding other long-term assets that are
deferred in the funds
b.
adding general long-term liabilities
d.
all of the above
52. In the conversion to the government-wide
financial statements, assets and liabilities of the Internal Service funds are
a.
added to the governmental activities
assets and liabilities
c.
added to the component unit assets and
liabilities
b.
added to the business-type activities
assets and liabilities
d.
not reported
53. In
the conversion of the governmental fund financial statements to the
government-wide statements the amount of long-term debt issued during the year
is converted from
a.
Bond Proceeds Revenue to Bonds Payable
Liability
c.
Other Financing Sources to Bonds Payable
Liability
b.
Bonds Payable Liability to Other
Financing Sources
d.
Cash with Fiscal Agent to Other
Financing Sources
54. In the consolidation process of preparing the
government-wide financial statements
a.
interfund transfers between governmental
funds are consolidated and eliminated
c.
interfund borrowings between
governmental and proprietary funds are totaled up and netted out
b.
internal balances between governmental
and proprietary funds are eliminated
d.
all of the above
55. Proprietary
fund financial statements
a.
are prepared using the economic
resources measurement focus
c.
classify all funds as major or nonmajor
b.
include a Statement of Activities
d.
all of the above
56. The Proprietary Funds Statement of Net Assets
classifies net assets as
a.
restricted and unrestricted
c.
designated and undesignated
b.
invested in capital assets net of
related debt; reserved and unreserved
d.
invested in capital assets net of
related debt; restricted and unrestricted
57. The required government-wide financial
statements include the
a.
Balance Sheet and Statement of
Activities
c.
Statement of Activities and Statement of
Net Assets
b.
Reconciliation Schedule, Statement of
Net Assets and Statement of Cash Flows
d.
Six-step Conversion Worksheet, Statement
of Activities and Statement of Net Assets
58. The government-wide Statement of
Net Assets
a.
displays the net cost of providing
governmental services
c.
classifies net assets as invested in
capital assets, net of related debt; reserved; or unreserved
b.
displays a separate column for
governmental activities, business-type activities, total primary government
and component unit data
d.
all of the above
59. Which
of the following are allocated when preparing the government-wide Statement of
Activities?
a.
Depreciation expense for general
infrastructure
c.
Depreciation expense for assets
associated with identified functions
b.
Interest expense on general obligation
bonds
d.
All indirect expenses
60. The
government-wide Statement of Activities requires revenues to be identified as
a.
either general or program
c.
either exchange or nonexchange
b.
either operating or nonoperating
d.
either governmental or business-type
61. The
government-wide Statement of Activities
a.
presents the net expense or revenue of
the governmental and business-type activities of the primary government
c.
presents the net expense or revenue of
the governmental and business-type activities of each component unit
b.
presents the net expense or revenue of
each fund of the primary government
d.
both a and c
62. Required
Supplementary Information for the financial reporting model includes
a.
Management’s Discussion and Analysis
c.
Budgetary Comparison Schedules
b.
information about defined benefit
pension plan funding
d.
all of the above
63. In
what account would the General fund record a loan to an Enterprise fund?
a.
Tax Anticipation Notes Payable
c.
Due to Other Funds
b.
Due from Other Funds
d.
Fund Balance
64. A proprietary fund would record inventory
using
a.
the purchase method
c.
either a or b
b.
the consumption method
d.
none of the above
65. If
the purchase method of recording inventory is used and there is a large amount
of inventory on hand at fiscal year end, the inventory would
a.
be recorded as a liability
c.
be recorded as a prepaid expense
b.
not require an entry
d.
be recorded as an asset with an
offsetting reserve of fund balance
66. A
governmental fund would record the annual premium for liability insurance in
a.
an expense account
c.
an amortized premium account
b.
a prepaid asset account
d.
both a and b
67. Noncurrent
assets are recorded in
a.
alphabetical order
c.
the General Fund
b.
Enterprise funds
d.
both b and c
68. Which of the following would be classified as
a restricted asset
a.
General fund designates $100,000 for
city hall expansion project
c.
General fund designates unrestricted
donation
b.
Enterprise fund designates $30,000 for
purchase of equipment
d.
Enterprise fund designates revenues for
repayment of revenue bond principal and interest
69. A
street light could be classified as
a.
a capital asset
c.
part of a network of assets
b.
infrastructure
d.
all of the above
70. Inexhaustible
capital assets are
a.
depreciated over the anticipated useful
life
c.
depreciated under the modified approach
b.
recorded as infrastructure
d.
not depreciated
71. Which
of the following is NOT required under the modified approach to reporting
infrastructure?
a.
Estimate of annual replacement cost of
infrastructure at established condition level
c.
Complete condition assessment of
infrastructure every three years
b.
Estimate of annual funding needed to
maintain and preserve infrastructure at established condition level
d.
Current inventory of infrastructure
assets
72. An
Enterprise fund would record the payment of debt service principal in what
account?
a.
Bonds Payable (long-term liability)
c.
Other Financing Uses
b.
Debt Service Principal Expenditure
d.
Due to Other Funds
73. An
accrued interest liability is recorded at fiscal year-end for outstanding
interest on bonds in
a.
a Debt Service fund
c.
an Enterprise fund
b.
a Cash with Fiscal Agent fund
d.
none of the above
74. A
deferred revenue account is used to record
a.
revenue that has not been received and
is unearned
c.
revenue that has been received but is
unearned
b.
unamortized premiums
d.
unrealized gains and losses
75. The General fund would record the
amount it owes the Utility fund for electricity in what account?
a.
Internal Balances
c.
Electric Expense
b.
Due to Utility Fund
d.
Advance to Utility Fund
76. The
General fund would record the issuance of general obligation bonds as a
a.
debit to General Obligation Bonds
Payable
c.
credit to General Obligation Bonds
Payable
b.
debit to Other Financing Sources
d.
none of the above
77. Term bonds are
a.
generally issued to achieve level debt
service
c.
classified as long-term if they have a
take-out agreement
b.
a current liability because they have a
call feature
d.
issued with the entire amount of
principal due at the same time
78. Compensated absences should be
recorded as a liability
a.
at the start of each fiscal year for the
estimated value of the annual benefit
c.
when employees are compensated for sick
time
b.
when earned if employees will be paid
for unused vacation time upon retirement
d.
when employees are compensated for
either sick time or vacation time
79. A government should record a claims and
judgments liability when
a.
a lawsuit is filed
c.
the amount of the claim can be estimated
b.
it is probable a claim will be paid
d.
both b and c
80. A state requires local governments to provide
free health care to homeless individuals that meet state guidelines and
provides funding for the program. The
local government will record these monies as a(n)
a.
exchange transaction for heath care
c.
government-mandated nonexchange
transaction
b.
imposed nonexchange transaction
d.
voluntary nonexchange transaction
81. The
state government requires a city to clean up a toxic waste site and provides
$3,000,000 to Help with the clean up.
The city will record the $3,000,000 grant from the state when
a.
the site is cleaned up
c.
the monies are received from the state
b.
the grant is awarded and eligibility
requirements have been met
d.
either b or c, whichever is first
82. Eligibility requirements may include
a.
required characteristics of recipients
c.
contingencies
b.
time requirements
d.
all of the above
83. A citizen donates $5,000,000 to
fund construction of a new public recreational center with the requirement that
the city obtain additional donations in the amount of $3,000,000. The $5,000,000 will be recognized by the city
when
a.
it is pledged
c.
it is earned
b.
it is paid
d.
the additional $3,000,000 in donations
are obtained
84. A city utility receives a
donation that is restricted for a specific purpose. The donation will be recorded as
a.
deferred revenue
c.
restricted net assets until expended for
the purpose
b.
revenue when received
d.
both b and c
85. A
citizen donates $1,000,000 for the public library to purchase books. This donation is a(n)
a.
exchange-like transaction
c.
voluntary nonexchange transaction
b.
escheat of property
d.
imposed tax revenue
86. A corporate income tax is a(n)
a.
imposed nonexchange revenue
c.
derived tax revenue
b.
government-mandated nonexchange
transaction
d.
voluntary nonexchange transaction
87. Property taxes are recognized as available in
the current fiscal year if they will be received within
a.
the fiscal year
c.
60 days after fiscal year end
b.
30 days after fiscal year end
d.
90 days after fiscal year end
88. The
property tax levy of $7,000,000 is recorded with an estimate that 5% will be
uncollectible. At the end of the fiscal year, the city estimates that 10% of
the total levy will remain unpaid 60
days after fiscal year-end. The amount of property tax revenue to be recorded
for the fiscal year is
a.
$5,950,000
c.
$6,300,000
b.
$6,000,000
d.
$6,650,000
89. A
property tax levy of $10,000,000 was 90% collected on the date that it became
delinquent. The original estimate of
uncollectible was 5% and is revised to 2% on the remaining $1,000,000
delinquent property taxes to be collected.
The entry to adjust the amount of estimated uncollectible taxes on the
delinquent date will require a
a.
debit to Property Tax Revenue of
$480,000
c.
credit to Allowance for Uncollectible
Property Taxes Delinquent for $500,000
b.
credit to Allowance for Uncollectible
Property Taxes Current for $480,000
d.
credit to Allowance for Uncollectible
Property Taxes Delinquent for $20,000
90. The
city estimates that $3,000,000 in sales tax revenue has been collected at the
time of the underlying exchange transactions and will be available to pay
governmental expenditures when it is remitted by the end of the month. The entry to record this information will
a.
debit Deferred Revenue for $3,000,000
c.
credit Sales Tax Revenue for $3,000,000
b.
credit Deferred Revenue for $3,000,000
d.
credit Sales Tax Receivable for
$3,000,000
91. A
citizen pays a quarterly estimate of personal income tax to the city. This quarterly estimate will be recorded by
the city as
a.
credit to Deferred Revenue
c.
credit to Cash
b.
debit to Income Tax Revenues
d.
credit to Income Tax Revenues
92. A
woman traveling on business checks out of her hotel room and pays the hotel
bill that includes $18 in city hotel taxes that are used to pay off debt to
construct a convention center. The hotel
taxes of $18 will be recorded by the city when
a.
the hotel room is reserved
c.
the hotel bill is paid
b.
the hotel bill is prepared
d.
none of the above
93. A
dog owner pays a dog license fee to the local village where he resides. The village will record the dog license fee
revenue on
a.
the date the dog license notice is
mailed
c.
the date the dog licenses become
delinquent
b.
the due date for renewal of dog licenses
d.
the date that the dog owner pays the fee
94. The General fund receives a state
appropriation of $2,000,000 that is required by law to be used to distribute
nutritional supplements to all pregnant women who apply and meet certain income
requirements. The General fund will
recognize the $2,000,000 appropriation when
a.
the state appropriation is enacted
c.
the entire $2,000,000 is spent on eligible
applicants
b.
the pregnant women apply for the
supplements
d.
when available and eligible pregnant
women are identified
95. Service-type
special assessment billings for garbage collection by a city will be recorded
as
a.
a debit to Property Taxes Receivable
c.
a credit to Garbage Collection Revenue
b.
a credit to Special Assessments
Receivable
d.
no entry is required
96. A refundable customer deposit of $150 is paid
to a city utility fund that will record it as
a.
a credit to Cash
c.
a credit to Customer Deposit Revenue
b.
a credit to Customer’s Deposits Payable
from Restricted Assets
d.
a credit to Other Financing Sources
97. Expenses
are
a.
recorded in governmental funds using the
modified accrual method of accounting
c.
recorded in proprietary funds using the
accrual method of accounting
b.
recorded in proprietary funds when paid
d.
never recorded in fiduciary funds
98. The
General fund transfers $500,000 to the Debt Service fund for principal and
interest payments on long-term debt.
This General fund would record
a.
a debit to Due from Debt Service fund
c.
a credit to Nonreciprocal Interfund
Transfers
b.
a debit to Other Financing Uses –
Operating Transfers Out
d.
a debit to Nonreciprocal Interfund
Transfers
99. The
General fund makes a residual equity transfer $50,000 to an Internal Service
fund to purchase fleet equipment. This
is an example of a(n)
a.
quasi-external transfer of funds
c.
nonreciprocal transfer of capital
b.
reciprocal interfund loan
d.
due to other funds
100. A county bills and collects property taxes from
property holders for the county property tax, the local school property tax,
and the local transportation authority property tax. When taxes are paid by taxpayers, the
transaction to record the initial receipt of cash will be recorded in the
a.
General fund
c.
Special Revenue fund
b.
Agency fund
d.
Private-Purpose Trust fund
101. The
budget serves as a blueprint for
a.
planning
c.
Assessment
b.
control
d.
all of the above
102. The city Park Permanent fund spends $2,000,000
for public park improvements. This
payment will be recorded in the Park Permanent fund as a debit to the following
account:
a.
Encumbrance
c.
Expenditure
b.
Expense
d.
Cash
103. An
unusual, nonrecurring expenditure is recorded in
a.
Expenditures
c.
Appropriations
b.
Miscellaneous Expenditures
d.
Other Financing Uses
104. The
city estimates revenues will be $18,300,000 for the next fiscal year and the
City Council authorizes spending of $19,000,000. The entry to record the budget will
a.
decrease Budgetary Fund Balance
c.
increase Budgetary Fund Balance
b.
decrease Appropriations
d.
increase Expenditures
105. The
village estimates revenues of $17,000,000 and will sell a tract of public land
for $1,500,000 during the next fiscal year.
The Village Council authorizes general government spending of
$16,800,000 and also approves the city water utility budget that estimates
water sales at $2,000,000 and expenses of $1,900,000. The entry to record the budget General fund
will
a.
debit Estimated Revenues for $18,500,000
c.
debit Estimated Revenues for $19,000,000
b.
debit Estimated Other Financing Sources
for $1,500,000
d.
debit Estimated Revenues for $20,500,000
106. At the end of the fiscal year Revenues were
$36,400,000. Estimated Revenues were
recorded at the beginning of the fiscal year for
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