Question

In: Accounting

The expenditure classification "Public Safety" is an example of which of the following types of classifications?...

The expenditure classification "Public Safety" is an example of which of the following types of classifications?

A) Activity.

B) Function.

C) Character.

D) Object.

The account "Interfund Transfers Out" would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an):

A) Revenue.

B) Other financing use.

C) Other financing source.

D) Current liability.

When equipment that is to be used by the General Fund is received, how should it be recorded?

A) Capital Asset.

B) Appropriation.

C) Encumbrances.

D) Expenditure.

One characteristic that distinguishes other financing sources from revenues is that other financing sources:

A) Arise from debt issuances or interfund transfers in.

B) Increase fund balances when they are closed at year-end.

C) Provide financial resources for the recipient fund.

D) Have a normal credit balance.

The County Commission of Box County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $12,900,000 and appropriations of $13,200,000. The budgeted excess of estimated revenues over appropriations will be recorded as:

A) A credit to Budgeted Surplus, $300,000.

B) A debit to Budgeted Deficit, $300,000.

C) A credit to Budgetary Fund Balance, $300,000.

D) A debit to Budgetary Fund Balance, $300,000

Which of the following statements is true regarding the required disclosure of budgetary information?

A) All budgetary disclosures should be presented in the notes to the financial statements.

B) There is one specific format for presenting the budgetary comparison statement.

C) Budgetary comparisons may be presented as a statement or as required supplementary information (RSI).

D) The budgetary reconciliation must focus on the operating statement, but not the statement of position.

Which of the following will increase the fund balance of a government at the end of the fiscal year?

A) The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses.

B) Expenditures are more than the difference between revenues and the excess of other financing sources over other financing uses.

C) Revenues are less than the sum of expenditures, other financing sources, and other financing uses.

D) The sum of fund balance, revenues, and other financing sources is more than the sum of expenditures and other financing uses.

When computers are ordered by the mayor's office, the purchase order should be recorded in the General Fund as a debit to:

A) Encumbrances.

B) Equipment.

C) Expenditures.

D) Appropriations.

The Expenditures account of a government is credited when:

A) Supplies are ordered.

B) Supplies previously encumbered are received.

C) The budget is recorded.

D) Temporary accounts are closed out at the end of the

The county determined it needed to prepare a budget amendment to reflect an increase in estimated revenues of $100,000 and a decrease in appropriations $150,000. What will be the effect of these two adjustments on the Budgetary Fund Balance account?

A) Budgetary Fund Balance will be debited $250,000.

B) Budgetary Fund Balance will be credited $250,000.

C) Budgetary Fund Balance will be debited $50,000.

D) Budgetary Fund Balance will be credited $50

Which of the following financial statement(s) reports both current and noncurrent assets and liabilities?

Government-wide Statement

of Net Position

General Fund Balance

Sheet

A)

No

Yes

B)

No

No

C)

Yes

No

D)

Yes

Yes

A) Choice A

B) Choice B

C) Choice C

D) Choice D

Solutions

Expert Solution

B) Function

Reason:Function refers to group of activities intended to accomplish specific objective like public safety.

B) Other Financial use

Reason:They are classified as other financing use because they do not decrease the financial resources as a whole. They determine the transfer of existing resources between funds.

D) Expenditure

Reason:When equipment is purchased with general fund resources Expenditure A/c is debited in general fund.

A) Arise from debt issuances and interfund transfers in.

Reason:Other financing sources are operating transfers and proceeds from debt transactions.

A) A credit to Budgeted Surplus, $300,000.

C) Budgetary comparisons may be presented as a statement or as required supplementary information (RSI).

A) The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses.

A) Encumbrances

D) Temporary accounts are closed out at the end of the year

B) Budgetary Fund Balance will be credited $)250,000.

C) Choice C

Reason:General Fund balance sheet report only current assets and liabilities

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