Question
17- General government financial resources to be used to finance construction of a general government construction project typically should be accounted for in a. A
17-
General government financial resources to be used to finance construction of a general government construction project typically should be accounted for in
a.
A Debt Service Fund.
b.
A Capital Projects Fund.
c.
A Special Revenue Fund.
d.
The General Fund.
18-
When Roland County adopted its budget for the year ending June 30, 2001, $20 million was recorded for estimated revenues, Actual revenues for the year ended June 30, 2001, amounted to $16 million, In closing the actual accounts at June 30 2001,
a.
Estimated revenues should be credited for $20 million
b.
Estimated revenues should be debited for $4 million
c.
Revenues should be credited for $4 million
d.
Revenues should be debited for $16 million
19-
Which of the following revenues of the general fund are usually recorded before they are actually received:
a.
Fines and penalties
b.
Property taxes
c.
Sales taxes
d.
Parking meter receipts
20-
Governmental type fund level balance sheets report long term liabilities, whereas business organization balance sheets report both current and long term liabilities.
a.
FALSE
b.
TRUE
21-
Which of the following events result in a debit to the Encumbrances account?
a.
The budget is approved.
b.
A purchase order is placed.
c.
An invoice is paid.
d.
Supplies are received
22-
An allotment system provides a means of control by which
a.
Governmental unit divide its annual appropriations into smaller departments.
b.
Governmental unit divide its annual appropriations into smaller objects of expenditure.
c.
Governmental unit divide its annual revenues into smaller stream of revenue.
d.
Governmental unit divide its annual appropriations into smaller time periods.
23-
A city ordered uniforms with an expected cost of $6,000 for policemen. This amount is encumbered. The uniforms are received with an invoice of $5,900. The entries to record the receipt of the uniforms should include a debit to
a.
Encumbrances of $6,000.
b.
Budgetary Fund Balance Reserve for Encumbrances of $6,000.
c.
Appropriations of $100
d.
Budgetary Fund Balance Reserve for Encumbrances of $5,900
24-
Which one among these is not a characteristic of a fund?
a.
Separate legal entity.
b.
Contains self-balancing set of accounts.
c.
Fiscal entity.
d.
Accounting entity.
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