GASB requires a budget to actual comparison in the financial statements for the general fund and the ________.

Group of answer choices

enterprise funds

special revenue funds

private-purpose trust funds

all of the above

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Question 2

1pts

The journal entry to re-establish an encumbrance for purchase orders outstanding at the beginning of the year would include ________.

Group of answer choices

debit to encumbrances control and credit to revenues control

debit to budgetary fund balance and credit to encumbrances control

debit to appropriations control and credit to budgetary fund balance

debit to encumbrances control and credit to budgetary fund balance

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Question 3

1pts

Governments may have only one ________.

Group of answer choices

special purpose fund

general fund

fiduciary fund

proprietary fund

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Question 4

1pts

Fund balance is a term used to indicate the residual net position of a ________ fund.

Group of answer choices

proprietary

governmental

fiduciary

intergovernmental

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Question 5

1pts

Currently due taxes receivable is an example of a ________ fund balance.

Group of answer choices

nonspendable

spendable

restricted

committed

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Question 6

1pts

Under the modified accrual basis, revenue from a property tax levy would be recognized when ________.

Group of answer choices

Available to finance current period expenditures

Objectively measurable

Collected during the current period

Both a and b

Both b and c

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Question 7

1pts

The City of Charlestown booked an estimated encumbrance when a purchase order was issued for an annual computer technical support service contract. When the invoice for the services was received, the amount was different from the amount included in the encumbrance account. What should be done with the amount recorded in the encumbrance control account?

Group of answer choices

Make an entry to increase the encumbrance control account for the gap between estimated and actual fees.

Make an entry to increase the encumbrance control account for the gap between estimated and actual fees and then reverse both the original estimate and the gap amounts out of the encumbrances account.

Make an entry to reverse the estimated amount from the encumbrance control account and book the invoice amount in the expenditure control account and a liability account.

None of the above.

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Question 8

1pts

Which of the following governmental fund accounts is closed at year-end?

Group of answer choices

Tax revenues

Deferred tax revenues

Supplies inventories

All of the above

Both a and b

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Question 9

1pts

Which of the following is an example of a derived tax revenue nonexchange transaction?

Group of answer choices

Property tax revenue

Income tax revenue

Special property assessment

None of the above

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Question 10

1pts

Louisiana provided grants to schools for creating and maintaining mandatory inclusive classrooms for special needs students. Which nonexchange transaction category would apply to this revenue source?

Group of answer choices

Government-mandated nonexchange revenue

Imposed tax revenue

Voluntary nonexchange revenue

Derived tax revenue