Governmental & Nonprofit Entities
for Accounting Exam with Questions
Passed 100%
Under GASB standards, property tax revenue is classified as an _______ ________ revenue. -
✔✔Imposed Nonexchange
Entry made to the general fund and gov activities journals to record the collection of current taxes
includes a credit to: - ✔✔taxes receivable-current
Estimated property tax revenue for fiscal year 2020 levied for the general fund was $1,000,000 and the
gross levy was $1,020,408. Collections of current property taxes during the year totaled $980,340. The
compound entry made to the general fund and governmental activities journals to reclassify the balance
of current taxes receivable at year-end includes credits to: - ✔✔Allowance for Uncollectible
Delinquent Taxes
Taxes Receivable-Current
If the city's treasurer receives approval to write off delinquent taxes totaling $10,000 and related
interest and penalties of $500, the entry for both the General Fund and governmental activities would
include a debit to: - ✔✔Allowance for Uncollectible Interest and Penalties for $500
If taxes that were previously written-off are collected: - ✔✔It is highly desirable to return the ta
bills to general ledger control
an entry is recorded to reverse the write-off
, the collection of cash would be recorded in a journal entry
Revenues from licenses and permits, fines and forfeits, and charges for services are recorded as -
✔✔Program revenues
Banks customarily meet the working capital needs of a government by accepting a ____ ____ note from
the gov - ✔✔Tax anticipation
If a $100,000 tax anticipation note is repayed with interest of $5,000, the General Fund entry include a
debit to: - ✔✔Expenditures-2020 for $5,000
The estimated revenue for fiscal year 2020 from property taxes levied for the General Fund is
$1,000,000; the gross levy is $1,020,408. If the town expected to collect a portion of the $1,000,000
later than 60 days after the fiscal year-end: - ✔✔It should credit that potion to Deferred Inflow
of Resources - Unavailable Revenues
It should reclassify it to revenues in the period in which the revenues are collected
Internal exchange transactions for services: - ✔✔should recognize revenues as if the
transaction involved an external entity.
affect both the fund and government-wide financial statements.
Even if the amount of supplies consumed is less than or greater than the amount purchased,
expenditures for supplies equals the total cost of supplies purchased during the year when the ____
method is used - ✔✔purchases
GASB standards require the use of the ___________ method for government-wide and proprietary fund
reporting. - ✔✔Consumption
Identify the accounts that are closed to the appropriate fund balance account at the 2020 fiscal year-
end. - ✔✔Estimated Revenues
for Accounting Exam with Questions
Passed 100%
Under GASB standards, property tax revenue is classified as an _______ ________ revenue. -
✔✔Imposed Nonexchange
Entry made to the general fund and gov activities journals to record the collection of current taxes
includes a credit to: - ✔✔taxes receivable-current
Estimated property tax revenue for fiscal year 2020 levied for the general fund was $1,000,000 and the
gross levy was $1,020,408. Collections of current property taxes during the year totaled $980,340. The
compound entry made to the general fund and governmental activities journals to reclassify the balance
of current taxes receivable at year-end includes credits to: - ✔✔Allowance for Uncollectible
Delinquent Taxes
Taxes Receivable-Current
If the city's treasurer receives approval to write off delinquent taxes totaling $10,000 and related
interest and penalties of $500, the entry for both the General Fund and governmental activities would
include a debit to: - ✔✔Allowance for Uncollectible Interest and Penalties for $500
If taxes that were previously written-off are collected: - ✔✔It is highly desirable to return the ta
bills to general ledger control
an entry is recorded to reverse the write-off
, the collection of cash would be recorded in a journal entry
Revenues from licenses and permits, fines and forfeits, and charges for services are recorded as -
✔✔Program revenues
Banks customarily meet the working capital needs of a government by accepting a ____ ____ note from
the gov - ✔✔Tax anticipation
If a $100,000 tax anticipation note is repayed with interest of $5,000, the General Fund entry include a
debit to: - ✔✔Expenditures-2020 for $5,000
The estimated revenue for fiscal year 2020 from property taxes levied for the General Fund is
$1,000,000; the gross levy is $1,020,408. If the town expected to collect a portion of the $1,000,000
later than 60 days after the fiscal year-end: - ✔✔It should credit that potion to Deferred Inflow
of Resources - Unavailable Revenues
It should reclassify it to revenues in the period in which the revenues are collected
Internal exchange transactions for services: - ✔✔should recognize revenues as if the
transaction involved an external entity.
affect both the fund and government-wide financial statements.
Even if the amount of supplies consumed is less than or greater than the amount purchased,
expenditures for supplies equals the total cost of supplies purchased during the year when the ____
method is used - ✔✔purchases
GASB standards require the use of the ___________ method for government-wide and proprietary fund
reporting. - ✔✔Consumption
Identify the accounts that are closed to the appropriate fund balance account at the 2020 fiscal year-
end. - ✔✔Estimated Revenues
