Question
1)Each of the following criteria is a factor when determining Special Revenue Fund property tax revenue recognition except tax revenue recognition except? Whether the taxes
1)Each of the following criteria is a factor when determining Special Revenue Fund property tax revenue recognition except
tax revenue recognition except?
- Whether the taxes were collected no later than 60 days following the fiscal year
- Whether property taxes receivable are current or delinquent
- Whether taxes collected were for future fiscal years taxes
- Whether the taxes collected were prior year taxes and were collected not later than 60 days after beginning of the current year
2)Which of the following is least likely to be reported as governmental fund revenue?
- Intergovernmental Revenues
- Taxes
- Fines and Forfeitures
- Payments in lieu of taxes from a governments own Enterprise Funds
3)If a government has an established legal claim to a revenue source, but has not collected any of the revenues, governmental fund revenues
- Should be recognized when collected if they are also legally usable
- Should be recognized
- Should be recognized at the discretion of the governing body
- Should be recognized at the point the revenues are collected
4)In governmental funds, expenditures should be recognized in the period in which a fund liability is incurred, with a few exceptions. Which of the following is not an exception to the expenditure accrual rule?
- Expenditures for inventory
- Prepayments for insurance premiums
- Salaries and wages expenditures
- Debt service expenditures
5)A Government pays $1,000,000 to General Fund employees during the year. Unpaid accrued salaries were $100,000 at the beginning of the year and $75,000 at the end of the year. General Fund salary expenditures for the year should be reported as
- $1,000,000
- $975,000
- $900,000
- $1,075,000
6)An Expenditures account in a General Fund should be charged for materials and supplies
- only as materials and supplies are being consumed.
- only as the materials and supplies are distributed to departments or agencies.
- only as the material and supplies are purchased.
- either as the materials and supplies are consumed or when they are purchased.
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