Name that fund
Name that fund
Accounting in a governmental fund
Accounting in a governmental fund Part 2
Measurement focus and basis of accounting Category Name
100
Fund used for day to day actiivities
What is the general fund?
100
Multiple choice
The three different fund types?
a) Governmental, proprietary & fiduciary
b) General, custodial & proprietary
c) Accrual, modified accrual & cash
A What are governmental, proprietary and fiduciary?
100
A city expected revenues to be $10 million and expenditures to be $8 million, What is the journal entry to record the adoption of the budget?
What is
Estimated Revenues 10
Appropriations 8
Budgetary fund balance 2
100
multiple choice:
The general fund transferred to $ 1 million to the debt service fund. The journal entry in the general fund would include:
A. Debit expenditures
B. Debit transfer in- other financing source
C. Debit transfer out-other financing use
c. What is 'C'
transfer out- Other financing use 1
cash 1
100
The two types of measurement focus
What are economic resource and current financial resources?
200
Fund used to account for construction of capital assets
What is the capital projects fund?
200
The general fund is included in this fund type
a) proprietary
b) governmental
c) Custodial
b What are the governmental funds?
200
The city committed to purchasing $ 2 million worth of supplies.
What is
Encumbrances 2
Encumbrances Outstanding 2
200
Multiple choice:
The general fund issued $10 million of bonds at par value. The journal entry would include:
A. A credit to bonds payable for $ 1 million
B. A credit to revenue for $ 1 million
C. A credit to bond proceeds-other financing sources
What is "C"
Cash 1
Bond proceeds-other financing sources 1
200
The two types of accounting basis.
What are accrual and modified accrual?
300
Fund used to account for revenue that must be used for a specific purpose
What is the special revenue fund?
300
The pension trust fund is included in this fund type.
a) governmental
b) proprietary
c) fiduciary
c. What are the fiduciary funds?
300
Multiple choice:
The city levied 2024 property taxes bills of $ 10 million.
It was estimated that $ 1 million would be uncollectible and that another $ 1 million would be unavailable for 2024
The journal entry to record the tax levy would include
A a credit to property tax revenue for $10 million
B a credit to property tax revenue for $9 million
C a credit to property tax revenue for $8 million
What is 'C' property tax revenue would be recorded for $8 million
Tax receivable 10
Allow. for uncollectible taxes 1
Deferred inflow 1
Property tax revenue 8
300
Multiple choice
The equipment purchased by he general fund had $100,000 of related depreciation. The journal entry in the general fund would include
A. A credit to accumulated depreciation for $100,000
B. A credit to deferred inflow for $100,000
C. No entry is necessary
What is "C"
No entry is required in the general fund
300
Measurement focus for the government wide financial statements
What is economic resources?
400
Fund used by government owned water utilities and transit systems.
What is an enterprise fund?
400
The fund used for services provided by one department of a government to another , generally on a cost reimbursement basis
What is the internal service fund?
400
Multiple choice:
The general fund purchased equipment for $ 1 million cash. The purchase was not previously encumbered.
The journal entry would include:
A. Debit Equipment for $ 1 million
B. Debit Cash for $ 1 million
C. Debit Expenditures $ 1 million
What is 'C'
Expenditures 1
Cash 1
400
Multiple choice:
The city received a grant for $ 1 million. The donor indicated that the money could be used for any government purpose but specified that the grant could not be spent until next year. The journal entry in the general fund would include:
A. a credit to grant revenue
B. a credit to unearned grant revenue ( a liability account)
C. A credit to deferred inflow
What is"C'
400
Measurement focus for fund based financial statements
What is current financial resources?
500
Fund used when the government acts as a trustee for resources that cannot be used for a government purpose but for individuals and private organizations
What is a private purpose trust fund?
500
Fund used when a county collects property taxes on behalf of towns located in the county.
What is a custodial fund?
500
Multiple choice:
How many dogs does Prof Chu have?
A. One
B. Two
C. Three
What is two?
500
Multiple choice
The general fund had previously encumbered $ 1 million for the purchase of equipment. The equipment arrived at an actual invoice price of $1.1 million.
The general fund entries would include
A. a debit to Equipment for $1.1 million
B. a debit to encumbrances for $1.1 million
C. a debit to encumbrances outstanding for $1 million
What is "C"?
The journal entry when the equipment was ordered
Encumbrances 1
Encumbrances Outstanding 1
The journal entries when the goods are received
Encumbrances Outstanding 1
Encumbrances 1
Expenditures 1.1
Accounts payable 1.1
500
Measurement focus and basis of accounting for governmental funds
What are current financial resources and modified accrual basis?