Gov't Final Chapter 3

6 Questions | Attempts: 62
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  • 1/6 Questions

    Revenues of governmental fund types should be recognized when:

    • Taxes become delinquent.
    • Measurable and available.
    • Collected in cash.
    • Authorized by the budget ordinance.
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  • 2. 

    When the budget for the General Fund is recorded, the journal entry will include:

    • A debit to Estimated Revenues Control.

    • A debit to Appropriations Control.

    • A credit to Revenues Control.

    • A credit to Fund Balance-Reserved for Encumbrances.

    Correct Answer
    A. A debit to Estimated Revenues Control.
  • 3. 

    What is the first step in acquiring goods or services?

    • Requisition order

    • Expenditures

    • Encumbrance

    • Appropriation

    Correct Answer
    A. Appropriation
  • 4. 

    Which of the following results in an expenditure?

    • Receive goods previously ordered

    • Receive an invoice on goods previously received

    • Place a purchase order

    • Payment of an invoice previously received.

    Correct Answer
    A. Receive goods previously ordered
  • 5. 

    Indicate the type of increase or decrease the following transaction should be recorded in the General Fund: Payment of $5,000 cash to the Stores and Services Fund for supplies each month.

    • Increase Revenues

    • Increase Other Financing Uses-Transfers Out

    • Increase Other Financing Sources-Transfers In

    • Increase Expenditures

    • Increase Encumbrances

    • Decrease Expenditures

    • None of the above

    Correct Answer
    A. Increase Expenditures
  • 6. 

    If Budgetary Fund Balance was debited in the process of recording a budget for the General Fund of a governmental unit, it can be assumed that:

    • Estimated Revenues exceed Appropriations.

    • Estimated Expenses exceed Actual Revenues.

    • Appropriations exceed Estimated Revenues.

    • Actual Expenses exceed Estimated Expenses.

    Correct Answer
    A. Appropriations exceed Estimated Revenues.

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  • Mar 20, 2022
    Quiz Edited by
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  • Apr 23, 2013
    Quiz Created by
    Jweisz2
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