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Accounting Expert Answers & Study Resources : Page 220

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29.(Recording the budget and a budget revision) The council of the Town of Tulia approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes$5,000,000 Sales taxes$1,000,000 Appropriations for 2013: Salaries$4,600,000 Materials$1,200,000 Equipment$100,000 During 2013, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000.  The council approved.

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  • 29.(Recording the budget and a budget revision) The council of the
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Multiple Choice 1.              Accounting for a Special Revenue Fund is most like the accounting for which of the following? a.              the General Fund b.              an Internal Service Fund c.              a Pension Trust Fund d.              an Enterprise Fund 2.              When should property tax revenues be recognized in the accounting records? a.              when the budget is prepared b.              when the.

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  • Multiple Choice 1.              Accounting for a Special Revenue Fund most like
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53.              (True or false - financial reporting and other items) State whether these statements are true or false.  Discuss why the false statements are false. a.All the long-term debt of a government, including the long-term debt that will be financed by Enterprise Fund revenues, is reported in the fund-level financial statements. b.Long-term liabilities.

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  • 53.              (True or false - financial reporting and other items) State
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  11.              Which basis of accounting is used by funds that have a current financial resources measurement focus? a.              full accrual basis b.              cash basis c.              modified accrual basis d.              modified cash basis 12.              Which of the following are fiduciary-type funds? a.              Pension Trust Fund, Agency Fund, and Permanent Fund b.              Investment Trust Fund, Special Revenue Fund, and.

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  •   11.              Which basis of accounting used by funds that have
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  Problems 40.(Journal entries - basic events and transactions) Prepare entries to record the following events and transactions for Tropical Township for the year 2013. a.              The Township adopted a budget calling for appropriations of $360,000.  The estimated revenues (all property taxes) were $340,000. b.              The Township sent property tax bills amounting to $340,000 to.

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  •   Problems 40.(Journal entries - basic events and transactions) Prepare entries to record
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11.              Which of the following classifications will not appear in the annual budget for a General Fund? a.              depreciation b.              capital outlay c.              debt service d.              current operating 12.              The document that lists the steps of the budget process is the a.              budget request b.              budget summary c.              budget calendar d.              budget worksheet 13.              For a typical city government, the.

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  • 11.              Which of the following classifications will not appear in
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11.              Which of the following is the most authoritative source of accounting standards for cities and counties? a.              Current practices widely used by not-for-profit entities b.              GASB Statements and Interpretations c.              AICPA Industry Audit Guides d.              Implementation guides published by GASB staff 12.              Concepts statements issued by the GASB and the FASAB emphasize which of.

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  • 11.              Which of the following the most authoritative source of
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11.              When a city borrows cash short-term in anticipation of the receipt of property tax revenues, which account would it credit? a.              property taxes receivable b.              property tax revenues c.              estimated other financing sources d.              tax anticipation notes payable 12.              The Village of Titus borrows money using a tax anticipation note.  The proceeds from the.

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  • 11.              When a city borrows cash short-term in anticipation of
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1.              Which of the following is a distinguishing characteristic of a nonbusiness organization? a.              Its revenues do not exceed its expenses b.              There is an absence of ownership interests that can be sold, transferred, or redeemed c.              It does not depreciate its capital assets d.              It does not charge fees for any of its.

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  • 1.              Which of the following a distinguishing characteristic of a
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  21.              Which of the following is a distinguishing characteristic of proprietary funds? a.              they recognize revenues when they are measurable and available b.              they always earn sufficient revenues to cover their expenses c.              they charge fees for the services they provide d.              they are legally prohibited from selling services to other governmental agencies 22.              What.

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  •   21.              Which of the following a distinguishing characteristic of proprietary
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51.              (True or false - Fiduciary Fund items) State whether these statements are true or false.  Discuss why the false statements are false. a.Pension Trust Funds use the modified accrual basis of accounting. b.The external portion of an investment pool should be reported in a Fiduciary Fund. c.Agency Funds are different from other Fiduciary.

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  • 51.              (True or false - Fiduciary Fund items) State whether these
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21.              Which line item would not properly appear in the closing entry of a governmental fund? a.              expenditures—public safety salaries b.              expenditures—debt service c.              fund balance d.              expenditures—depreciation 22.              If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund, then a.              appropriations exceed estimated revenues b.              actual.

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  • 21.              Which line item would not properly appear in the
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31.(Recording budgetary entries and operating general journal entries and posting detail to subsidiary ledgers) The Town of Roscoe Ridge is a small residential community.  The Town has two revenue sources, property taxes and charges for service; and two programs, administration and public safety.  The Town’s fiscal year 2013 is as follows: Town.

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  • 31.(Recording budgetary entries and operating general journal entries and posting
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1.              When the chief executive of a governmental unit submits a "balanced budget" to the legislative body, it usually means that: a.              the budget is balanced on the full accrual basis of accounting b.              the budget is balanced in accordance with generally accepted accounting principles c.              proposed expenditures do not exceed estimated monies.

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  • 1.              When the chief executive of a governmental unit submits
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11.              Which of the following best describes the general principle for recognizing property tax revenues in the General Fund? a.              They should be recognized in the current period to the extent that cash is collected b.              They should be recognized for the entire amount levied for the current period, regardless of when.

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  • 11.              Which of the following best describes the general principle
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55.              (Identifying transactions to the appropriate fund - relatively simple situations) A small village maintains a General Fund, Special Revenue Fund, Capital Projects Fund, and Internal Service Fund. State the fund (or funds) that would be used to record each of the following events. a.Property taxes were collected to finance the day-to-day.

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  • 55.              (Identifying transactions to the appropriate fund - relatively simple
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86) Effective networked systems must have a A) powerful telecommunications backbone. B) culture of shared applications development. C) shared management culture that crosses cultural barriers. D) both B and C E) A, B, and C 87) Two of the management challenges in developing global systems are listed in your text as A) (1) managing the privacy concerns.

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  • 86) Effective networked systems must have a A) powerful telecommunications backbone. B)
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31.              The accounting and financial reporting for the General Fund is least similar to that of a a.              capital projects fund b.              debt service fund c.              pension trust fund d.              special revenue fund 32.              A favorable expenditures variance signifies that, during the year, a.              Unassigned fund balance increased b.              actual spending was less than budgeted spending c.              estimated.

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  • 31.              The accounting and financial reporting for the General Fund
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  31.              Which of the following pairs of accounts are likely to appear on the balance sheet of a government's general fund? a.              cash and buildings b.              cash and investments c.              accounts payable and long-term bonds payable d.              current portion of bonds payable and non-current portion of bonds payable 32.              A governmental entity has a General.

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  •   31.              Which of the following pairs of accounts likely to
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41.The information generated from the accounting system of a governmental-type fund a.              is budget oriented b.              measures profitability c.              measures operational efficiency d.              is intended for use only by legislators 42.Which measurement focus and basis of accounting should be used in an Internal Service Fund? measurement focusbasis of accounting a.current financial resources              full accrual b.current financial resources              modified.

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  • 41.The information generated from the accounting system of a governmental-type
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56) A force in the environment to which businesses must respond and that influences the direction of the business is called a business A) driver. B) threat. C) process. D) matrix. 57) The major dimensions of international systems architecture include each of the following EXCEPT A) the global environment. B) corporate global strategy. C) technology platform. D) transborder data.

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  • 56) A force in the environment to which businesses must
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Multiple Choice 1.              The measurement focus used by governmental fund measures: a.              capital resources b.              spendable resources c.              spendable resources and capital resources d.              economic resources 2.              A government would refer to its property tax calendar to determine whether property taxes receivable at any given time are a.              collectible in part or in full b.              delinquent or current c.             .

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  • Multiple Choice 1.              The measurement focus used by governmental fund measures: a.             
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42.(Closing entries) The preclosing trial balance of the General Fund for the City of Thomaston shows the following balances at the end of its fiscal year. Budgetary fund balance $   10,000 Fund balance, beginning (actual) 150,000 Estimated revenues620,000 Appropriations610,000 Revenues (actual)625,000 Expenditures605,000 Based on information presented above:    Prepare closing entries for the budgetary and financial accounts.   Calculate the.

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  • 42.(Closing entries) The preclosing trial balance of the General Fund for
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17.              (Discussion problem on fund accounting) Discuss the nature and purpose of "fund accounting." 18.(Matching organizational characteristics with different types of organizations.) Listed below are some identifying characteristics of organizations.  Indicate with a check mark (?) in the appropriate column(s) those characteristics that apply to each type of organization.  Some characteristics may apply.

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  • 17.              (Discussion problem fund accounting) Discuss the nature and purpose of
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57.(Identifying transactions to funds - comprehensive problem) Indicate which fund or funds would be used by a state to record each of the following events. Use the codes shown below: General FundGFPension Trust FundPTF Special Revenue FundSRFInvestment Trust FundITF Debt Service Fund DSFPrivate-Purpose Trust FundPPTF Capital Projects FundCPFAgency FundAF Enterprise FundEFInternal Service FundISF a.The state collected personal.

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  • 57.(Identifying transactions to funds - comprehensive problem) Indicate which fund or
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  Problems 49.              (True or false - Capital Projects Fund items) State whether these statements are true or false.  Discuss why the false statements are false. a.              Assets of the Capital Projects Fund include cash and investments, but not capital assets. b.              It is not possible for expenditures of the Capital Projects Fund to exceed.

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  •   Problems 49.              (True or false - Capital Projects Fund items) State whether
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Multiple Choice 1.              To what does basis of accounting refer? a.              whether an entity is trying to measure the excess of inflows over outflows b.              how much cash an entity received in a particular reporting period c.              the timing of recognition of assets, liabilities, revenues, and expenditures/expenses in financial statements d.              the ownership of the.

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  • Multiple Choice 1.              To what does basis of accounting refer? a.              whether
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1) The growth of international trade has radically altered domestic economies around the globe. 2) Today, the production and design of many electronic products are parcelled out to a number of different countries. 3) An international information systems architecture consists of the basic information systems required by organizations to coordinate worldwide trade.

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  • 1) The growth of international trade has radically altered domestic
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  Problems 28.              (Determination of property tax rate) The City of Weston is preparing its budget for calendar year 2013.  After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes.  You are given the following information regarding the tax rate: Property taxes to be collected$7,000,000 Estimated uncollectible.

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  •   Problems 28.              (Determination of property tax rate) The City of Weston preparing
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