Question
1- The General Fund o It is established to account for all funds that are restricted and unrestricted o It is set to take into
1- The General Fund
o It is established to account for all funds that are restricted and unrestricted
o It is set to take into account only special purpose funds that will later become unrestricted general use funds once the project is complete
o It is used by all governments that report the activities of government funds
o Used to count all donations or tax refund money received o
2- The usual classifications for the recognition of expenses for bonds include all of the following, except: o Income from budget credits o Tax agent fees o Interests o Principles
Income from budget credits o Tax agent fees o Interests o Principles
3- An example of an external fiduciary relationship would include:
o Compensation funds paid to individuals o Compensation funds paid to other organizations o o Advance accounts o Taxes collected for other governments
4- . Trust funds are reported o As additional information is required o By type of fund in the fund's financial statements o By type of fund in government-wide financial statements o Both in the financial statements of the fund and in the financial statements of the entire government
5- When recording the budget for a government agency, the entry would be as follows:
o Debit of Appropriations and Fund Balance without Reserves and Estimated Income Credit
o Estimated Credit and Credit for Assignments and Credit for Balance of Unreserved Funds
o Estimated Credit of Debit and Allocation and Credit of Balance of Funds without Reserve
o There is no entry to register a budget
6- Assume that the fair market value of investments in a Debt Service Fund decreased by $ 25,000 at the close of the fiscal year. What input would be required to reflect this change?
o Debt in interest expense and Cash credit
o Debt for interest expense and Credit on investments
o Debt in Interest income and Credit on investments o No entry is necessary as the investments have not actually been sold
7- When completing the journal entry for employee tuition exemptions when accounting for Colleges and Universities this would be: o Part of scholarship allocations to students o Part of compensation expense o Part of the general fund not student fee o Part of the uncollected tuition
8- The item Debt to Reclassifications Outside and Credit to Reclassifications Inside is made for other non-profit organizations because
o Trust fund accounts must be updated annually o Time restrictions have been met on certain net assets
o There was an error originally in the financial statements and this is the correction o This entry is not used in other non-profit organizations only government organizations
9- The entry to record donated professional services in a hospital would be:
o Debt in Budgeted Donation Expenses and Credit in Donation Services Expenses o Debt in Expenses for Professional Services and Credit in Budgeted Donation Expenses
o Debit in Professional Services Expenses and Credit in Donated Services Expenses o Debit in Expenses for Professional Services and Credit in Non-Operating Income - Donated Services
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