Advanced Accounting exam with verified solutions

Advanced Accounting exam with verified solutions In a governmental fund, which of the following constitutes revenue? a. Cash received from another fund of the same unit b. bond proceed c. property taxes d. refund on a invoice for fuel - answerProperty Taxes - a and b are other financing sources and d is a reduction in expenditures In a governmental fund, which of the following is considered an expenditure? a. purchase of capital asset b. consumtion of supplies c. salaries earned by employees d. all of the above - answerd - all are considered expenditures In the recording of a city's budget, which of the following accounts is debited? a. appropriations b. estimated revenues c. estimated other financing uses d. encumbrances - answerb - estimated revenues is debited - representing potential inflow of assets Fixed assets donated to a governmental unit should be recorded how? - answerRecorded in the general fixed asset account group at their estimated fair value when received The general long-term debt accoun group includes: a. all long-term debt of a governmental uni