11.Which of the following results in an encumbrance?

Multiple Choice

• Place a purchase order.

• Payment of an invoice previously received.

• Receive goods previously ordered.

• Receive an invoice on goods previously received.

A certain government passed its budget for the fiscal year ended December 31, 2020. Estimated Revenues amounted to $13,000,000; Appropriations amounted to $12,000,000; Estimated Other Financing Uses amounted to $700,000; and Estimated Other Financing Sources amounted to $200,000. In the budgetary entry (combining entry):

Multiple Choice

• Budgetary Fund Balance would be credited for $500,000.

• Budgetary Fund Balance would be debited for $500,000.

• Budgetary Fund Balance would be credited for $1,500,000.

• Budgetary Fund Balance would be debited for $1,000,000.

The Fire Department of a given city received an appropriation in the amount of $12,000,000 for the fiscal year ended June 30, 2020. During the month ended July 31, 2020, the following transactions occurred: (a) purchase orders were issued in the amount of $1,200,000; (b) purchase orders, related to (a) above, were filled in the amount of $1,000,000; the related invoice amount was $985,000; invoices were paid in the amount of $900,000; (c) salaries were accrued and paid in the amount of $675,000. The balance available for the fire department as of July 31, 2020 is:

Multiple Choice

• $11,440,000.

• $10,140,000.

• $10,225,000.

• $10,540,000.

Property Taxes, special assessments, and fines and forfeits are types of nonexchange transactions. These are examples of:

Multiple Choice

• Government-mandated nonexchange transactions.

• Voluntary nonexchange transactions.

• Deferred inflows.

• Imposed nonexchange transactions.

Which of the following funds requires a Budgetary Comparison Schedule?

Multiple Choice

• Internal Service Funds

• General Fund

• Investment Trust Funds

• Enterprise Funds

Which of the following is true regarding the proprietary fund financial statements?

Multiple Choice

• The proprietary fund financial statements include the Statement of Net Position, the Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows.

• The proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting.

• Both statements are true.

• Neither statement is true.

Governmental fund statements are prepared using:

Multiple Choice

• Current financial resources measurement focus and accrual basis of accounting.

• Economic resources measurement focus and modified accrual basis of accounting.

• Economic resources measurement focus and accrual basis of accounting.

• Current financial resources measurement focus and modified accrual basis of accounting.