Gov't Final Chapter 3
- 1.When the budget for the General Fund is recorded, the journal entry will include:
- A.
A debit to Estimated Revenues Control.
- B.
A debit to Appropriations Control.
- C.
A credit to Revenues Control.
- D.
A credit to Fund Balance-Reserved for Encumbrances.
- 2.What is the first step in acquiring goods or services?
- A.
Requisition order
- B.
Expenditures
- C.
Encumbrance
- D.
Appropriation
- 3.Revenues of governmental fund types should be recognized when:
- A.
Taxes become delinquent.
- B.
Measurable and available.
- C.
Collected in cash.
- D.
Authorized by the budget ordinance.
- 4.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:
- A.
Estimated Revenues exceed Appropriations.
- B.
Estimated Expenses exceed Actual Revenues.
- C.
Appropriations exceed Estimated Revenues.
- D.
Actual Expenses exceed Estimated Expenses.
- 5.Which of the following results in an expenditure?
- A.
Receive goods previously ordered
- B.
Receive an invoice on goods previously received
- C.
Place a purchase order
- D.
Payment of an invoice previously received.
- 6.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.
- A.
Increase Revenues
- B.
Increase Other Financing Uses-Transfers Out
- C.
Increase Other Financing Sources-Transfers In
- D.
Increase Expenditures
- E.
Increase Encumbrances
- F.
Decrease Expenditures
- G.
None of the above
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