The private sector organization that has been given primary authority to set accounting and financial reporting standards for private sector, not-for-profit organizations is the...
Financial Accounting Standards Board
The private sector organization that has been given primary authority to set accounting and financial reporting standards for state and local governments is the...
Governmental Accounting Standards Board
The organization that has been given primary authority to set accounting and financial reporting standards for the federal government and its agencies is the...
Federal Accounting Standards Advisory Board.
In comparing internal service funds to enterprise funds...
Internal service funds sell predominantly to other government departments and enterprise funds sell predominantly to external parties.
The government-wide financial statements include a..
Statement of net assets and a statement of activities
Governmental funds include
General, special revenue, debt service, capital projects, and permanent funds.
Governmental funds use the:
Current financial resources measurement focus and modified accrual basis of accounting.
Which of the following statements would not be prepared using full accrual accounting?
Governmental fund statement of revenues, expenditures, and changes in fund balances.
Which of the following fund types uses the same measurement focus and basis of accounting as the General Fund?
Permanent
Which of the following is not an example of nonspendable resources?
Cash in a sinking fund which is required to be reserved for debt service principal of a Permanent Fund.
Which of the following is the most constrained category of spendable funds?
Restricted
Which of the following would be recorded in the General Fund as an Other Financing Source?
A transfer received from another fund
The budget for the General Fund for Hart County has been legally adopted for the fiscal year ending June 30, 2012. Revenues are estimated to be $1,800,000. Other financing sources are estimated to be $200,000. Expenditures are estimated to be $1,250,000.
A debit to Estimated Revenues for $1,800,000; a debit to Estimated Other Financing Sources for $200,000; a credit to Appropriations for $1,250,000; a credit to Estimated Other Financing Uses for $400,000; and a credit to Budgetary Fund Balance for $350,00
During the fiscal year ending June 30, 2012, the General Fund for Hart County issued purchase orders amounting to $2,000. The journal entry to record the issuance of the purchase orders is:
A debit to Encumbrances Control for $2,000 and a credit to Budgetary Fund Balance - Reserved for Encumbrances for $2,000.
During the fiscal year ending June 30, 2012, the General Fund for Hart County issued purchase orders for $2,000. During the fiscal year, the goods received represented $1,900 of the purchase order amount. Actual invoices for the goods received totaled $1,
A debit to Budgetary Fund Balance - Reserved for Encumbrances for $1,900 and a credit to Encumbrances Control for $1,900; a debit to Expenditures (Current) for $1,850 and a credit to Accounts Payable for $1,850.
Which of the following is an example of a derived tax revenue?
Sales Taxes
Which of the following is an example of an imposed non-exchange revenue?
Property Taxes
With regard to revenue recognition under modified accrual accounting, which of the following is true?
Revenues are recognized when they become measurable and available to finance expenditures of the current period.
Governmental Fund
- day to day public service
-financed mainly by tax
-controlled by legally adoped budget
Proprietary Funds
- for activities that operate in a manner similiar to private sector businesses
- financed by fees
- acts like a business
Fiduciary Funds
- for resources that the governments holds in a trust for other
- finds that the governments holds for other people
General Fund (Governmental)
-day to day operations
- a residual fund (for resources not activities in another fund)
Special Revenue Fund (Governmental)
- for specific revenue sources that are restricted/committed to a specific purpose
Debt Services Fund (Governmental)
- restricted to spending for principle for long-term debt
-legally mandated for future payment
Capital Project Fund (Governmental)
- restricted/limited to spending for capital outlays.
-bonds
Permanent Fund (Governmental)
- only earning can be used
-ex: an endowment
Enterprise Fund (Proprietary Fund)
- used for activities where products and services are sold for a free
-required for revenue bonds
-external users
Internal Service Fund (Proprietary Fund)
- Used for activities where goods and services sold for a fee
-support activities by several agencies