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SELECT THE BEST ANSWER FOR THE FOLLOWING - SOME ANSWERS MAY BE USED MORE THAN ONCE OR NOT AT ALL recognized when measurable and available

SELECT THE BEST ANSWER FOR THE FOLLOWING - SOME ANSWERS MAY BE USED MORE THAN ONCE OR NOT AT ALL

recognized when measurable and available to pay current obligations Answer 1Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance
  1. standard setting body for government and some not for profits

 Answer 2Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

calculated as amount of revenue required divided by estimated collectible portion percentage

Answer 3Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance
-recognized when incurred and expected to be paid from currently available resources Answer 4Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

used to account for and report resources legally restricted for benefit of government or its citizenry

 Answer 5Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

For governmental Funds this is modified accrual and current financial resources

 Answer 6Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

valuation for tax purposes

Answer 7Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

includes the basic financial statements and required supplementary information

 Answer 8Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

internal allocations of funds by executive management

Answer 9Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

estimated amount chargeable to appropriations

 Answer 10Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

used to account for and report expenditures for principal and interest

 Answer 11Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance
authorized expected inflows Answer 12Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

used to account for and report financial resources for capital outlays

Answer 13Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

legal authorization granted to incur expenditures

 Answer 14Choose...ExpensesGASBAppropriationsCAFRExpendituresRevenueTax WarrantTax levy -GrossPermanent fundAllotmentsEstimated RevenueFASBRevaluation ReserveDebt Service FundMD & AIESBAMFBAAssessmentCapital Projects FundEncumbrance

  1. part of required reporting along with financial statements also to be found in annual reports of private entities

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Fundamental Accounting Principles

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