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ACNT 2330 - Exam 1 Review There are 40 Multiple Choice Questions for a total of 50 points 2 Problems for a total of 11 points 10 Essays for a total of 39 points For all journal entries, list the debits first and then indent and list the credits. Skip a line between each journal entry. Explanations are not needed. For all essays, use complete sentences, proper grammar, and correct spelling. Provide complete, yet concise answers. All answers must have substance and demonstrate your understanding of the topic. Material Not Covered: Ch 1: Accounting for the Federal government Ch 2: Pages 69 and 70 Note about Ch 2: Students are not required to prepare financial statements. However, students must know the components of government wide and governmental fund financial statements. Know which financial statements report long term (capital) assets; which financial statements use current financial resources/modified accrual accounting and which use all economic resources/full accrual accounting; know which accounts are reported in the residual area of the balance sheets (Assets = Liabilities + _______) Note about lab coverage: Be prepared for questions from any of the GARS labs. Also, be prepared to discuss how you have used the GARS in working with the material in chapters 14 of Copley and chapter 10 of Collins - be specific. Journal Entries - Be prepared for to make regular and closing entries from chapters 3 and 4. Be prepare for any of these topics: 1. Definitions: a. fund:Basic classification of these are by this, but it does have other options. b. encumbrances: Are recorded when purchase orders are issued or contracts signed for goods and services. When the actual expenditure occurs, this entry is reversed and the actual expenditure is recorded.Susceptible to Accrual Recognize only revenues that are ________; recognize others on a cash-basis. c. expenditures, Are the foundation of planning, authorizing, controlling, and evaluating activities of governmental funds. It's a measure of the fund liabilities incurred (or expendable financial resources used). Typically classified as operations, capital outlay, or debt service. d. expenses, e. appropriations, f. purchase orders, g. disbursements, h. revenues (modified accrual accounting), i. other financing sources and uses; j. modified accrual accounting 2. When are expenditures recorded and which funds record expenditures In the accounting period in which the fund liability is incurred except for unmatured interest (and principal) on long-term debt, which is recognized when due. 3. Five categories of fund balance (GASB 54) - know this in detail -what fits into each category 4. Three basic fund categories, the funds that make up each of these, and the fund's basis of accounting 5. Entities for which the GASB sets standards 6. Governmentwide financial statements: basis of accounting, resources reported; which fund category must be changed from modified accrual accounting when preparing GW financial statements 7. Which financial statements report capital assets 8. General Fund: definition, how many may a SLG have 9. CAFR: sections; what is included in the RSI; which section(s) is(are) audited 10. GASB definition of the financial reporting unit; primary government; major funds; 11. Which fund require a budgetary comparison schedule; what is include on this schedule 12. Budgetary accounting; entries to record the budget and to close the budget at year end 13. Encumbrances: what are they; why are the used; which funds use them; which items are typically encumbered; all journal entries needed for encumbrances 14. When are expenditures accrued 15. What is the appropriations process? What is the definition of appropriations? 16. What items increase or decrease the fund balance? 17. Tax Anticipation Notes - what are they; when are they used; know the JE 18. Reimbursement grants - know the journal entries; when are revenues recorded 19. Special Revenue Funds - definition of the fund; which types of revenues are typically reported in SRF 20. Tax Levy - Understand modified accrual accounting, know all related journal entries; know the amount of taxes revenue that this reported (effect of estimated uncollectible property taxes) 21. Write off of delinquent property taxes; reclassification of current to delinquent accounts 22. Transfers, Reimbursement 23. Due To and Due From accounts 24. Be able to compute the unexpended appropriation balance - page 75