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ACCT 34231 Quiz 5 MCQs
1. Which of the following financial statement(s) reports both current and noncurrent assets and liabilities?
A. Choice A
B. Choice B
C. Choice C
D. Choice D
2. Which of the following should not be reported as a liability of the General Fund?
A. General obligation bonds payable (due in 10 years).
B. Vouchers payable.
C. Tax anticipation notes payable.
D. Due to federal government.
3. When a computer is ordered by a department of the government, the purchase order should be recorded in the
General Fund as a debit to
A. Appropriations.
B. Equipment.
C. Encumbrances.
D. Expenditures.
4. The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include
A. A debit to cash for $792,000.
B. A credit to revenues for $792,000.
C. A debit to estimated uncollectible current taxes for $8,000.
D. A debit to estimated revenues for $800,000.
5. An interfund transfer should be reported in a governmental fund operating statement as a(an)
A. Revenue or expenditure.
B. Due from or due to other funds.
C. Change in fund balance.
D. Other financing source or use.
6. Using the information below, what amount should be accounted for in a special revenue fund or funds?
A. $1,800,000.
B. $2,100,000.
C. $3,300,000.
D. $5,350,000.
7. The General Fund recorded a liability to the city-owned electric utility (an enterprise fund of the city) for electricity used during the prior month. The journal entry for the General Fund will include
A. A debit to Encumbrances.
B. A debit to Expenditures.
C. A debit to Interfund Transfers Out.
D. A debit to Due to Other Funds.
8. Which of the following items would properly be reported on the year-end balance sheet of the General Fund?
A. Reserve for encumbrances.
B. Revenues.
C. Encumbrances.
D. Appropriations.
9. On May 1, Vacca City was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include
A. A credit to Revenues in the amount of $300,000.
B. A credit to Deferred Revenues in the amount of $300,000.
C. A debit to Grants Receivable in the amount of $300,000.
D. No journal entry will be made until eligibility requirements are met by expending resources for the authorized purpose(s).
10. The city of Grand Marais' fiscal year ends on June 30. Grand Marais uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Grand Marais received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
A. Choice A
B. Choice B
C. Choice C
D. Choice D
11. The city of Grand Marais' fiscal year ends on June 30. Grand Marais uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Grand Marais received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry or entries should Grand Marais make on June 2, upon receipt of the supplies and approval of the invoice?
A. Choice A
B. Choice B
C. Choice C
D. Choice D
12. During January 2011 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to
A. Expenditures2011 in the amount of $2,200.
B. Expenditures2010 in the amount of $200.
C. Expenditures2011 in the amount of $200.
D. Expenditures2010 in the amount of $2,200.
13. Which of the following journal entries should a government use to record $475,000 for police department salaries and wages during a particular month?
A. Choice A
B. Choice B
C. Choice C
D. Choice D
14. Which of the following assets would appropriately be reported on the governmental funds balance sheet?
A. Capital assets.
B. Inventories.
C. Deferred charges for debt issuance costs.
D. Goodwill.
15. If a government issues debt to finance capital acquisition, how should the related long-term debt be reported by the governmental fund that receives the proceeds of the debt?
A. Long-term liability.
B. Revenue.
C. Other financing source.
D. Not reported by the governmental fund; only reported at the government-wide level.
16. Under the modified accrual basis of accounting, revenues should be recognized when
A. Received in cash.
B. Earned.
C. Available.
D. Spent.
17. Which of the following funds are governmental funds?
A. General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
B. General Fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds.
C. General Fund, special revenue funds, capital projects funds, debt service funds, and internal service funds.
D. General Fund, special revenue funds, public-purpose trust funds.
18. In which fund would a government most likely account for the assets confiscated in drug arrests and legally required to be used for drug prevention education?
A. General Fund.
B. Permanent fund.
C. Special revenue fund.
D. Enterprise fund.
19. How many general funds may a government have?
A. One.
B. Two.
C. As many as necessary to record its projects and activities.
D. None, this is not a fund type used by governments under GASBS 34.
20. Proceeds from general obligation bonds for capital construction should generally be recorded in the
A. Enterprise fund.
B. General Fund.
C. Capital projects funds.
D. Debt service funds.
21. Vehicles used by the Parks and Recreation Department should be accounted for in the General Fund.
True
False
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True
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