Governmental accounting questions
with actual answers
Proprietary Funds ANS -Enterprise Funds
Internal Service Funds
Modified Accrual Method ANS -revenues recognized when they are both measurable and available to
finance expenditures made during the current period
Estimated Revenue ANS -The amount of revenue estimated to accrue or to be collected during a fiscal
period.
Appropriations ANS -legal authority to make expenditures
Encumbrances ANS -Recorded when the general fund orders goods and services
Expenditures ANS -Account debited in the general fund when an invoice for computer equipment is
received
BUDGETARY FUND BALANCE - UNASSIGNED ANS -Account that would indicate a budget surplus or deficit
in the general fund
Consumption method for supplies inventory ANS -Expenditures for inventories representing the amount
of inventories consumed during the period
Nonlapsing encumbrances ANS -Appropriation authority that carries over to the next fiscal year for
these orders
Interfund services provided or used ANS -example of this transaction when the general fund uses the
services of an internal service fund
, Governmental Funds ANS -A generic classification used by the GASB to refer to all funds other than
proprietary and fiduciary funds. The General Fund, special revenue funds, capital projects funds, debt
service funds, and permanent funds are the types of funds referred to as governmental funds.
Interfund transfers ANS -Type of transaction that occurs when the general fund makes a cash transfer to
establish an internal service fund.
Fiduciary Funds ANS -trust and agency funds
Funds ANS -Fiscal and accounting entities of a government
Governmentwide financials ANS -Reports Governmental unit's infrastructure assets
Accrual Method ANS -Basis of accounting used by proprietary funds
GASB ANS -At the present time, this body has the authority to prescribe generally accepted accounting
principles for state and local governmental entities.
This is a fiscal and an accounting entity with a self-balancing set of accounts recording cash and other
financial resources with all related liabilities and residual equities or balances and changes therein
segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance
with special regulations, restrictions, or limitations. ANS -A fund
This type of interfund activity is accounted for as an expenditure or revenue. ANS -Interfund services
provided or used
These are the proprietary funds. ANS -Internal service and enterprise funds
These are assets of the governmental unit and include roads, municipal buildings, sewer systems,
sidewalks, and so forth ANS -Infrastructure assets
These are the fiduciary funds. ANS -Agency & trust funds
with actual answers
Proprietary Funds ANS -Enterprise Funds
Internal Service Funds
Modified Accrual Method ANS -revenues recognized when they are both measurable and available to
finance expenditures made during the current period
Estimated Revenue ANS -The amount of revenue estimated to accrue or to be collected during a fiscal
period.
Appropriations ANS -legal authority to make expenditures
Encumbrances ANS -Recorded when the general fund orders goods and services
Expenditures ANS -Account debited in the general fund when an invoice for computer equipment is
received
BUDGETARY FUND BALANCE - UNASSIGNED ANS -Account that would indicate a budget surplus or deficit
in the general fund
Consumption method for supplies inventory ANS -Expenditures for inventories representing the amount
of inventories consumed during the period
Nonlapsing encumbrances ANS -Appropriation authority that carries over to the next fiscal year for
these orders
Interfund services provided or used ANS -example of this transaction when the general fund uses the
services of an internal service fund
, Governmental Funds ANS -A generic classification used by the GASB to refer to all funds other than
proprietary and fiduciary funds. The General Fund, special revenue funds, capital projects funds, debt
service funds, and permanent funds are the types of funds referred to as governmental funds.
Interfund transfers ANS -Type of transaction that occurs when the general fund makes a cash transfer to
establish an internal service fund.
Fiduciary Funds ANS -trust and agency funds
Funds ANS -Fiscal and accounting entities of a government
Governmentwide financials ANS -Reports Governmental unit's infrastructure assets
Accrual Method ANS -Basis of accounting used by proprietary funds
GASB ANS -At the present time, this body has the authority to prescribe generally accepted accounting
principles for state and local governmental entities.
This is a fiscal and an accounting entity with a self-balancing set of accounts recording cash and other
financial resources with all related liabilities and residual equities or balances and changes therein
segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance
with special regulations, restrictions, or limitations. ANS -A fund
This type of interfund activity is accounted for as an expenditure or revenue. ANS -Interfund services
provided or used
These are the proprietary funds. ANS -Internal service and enterprise funds
These are assets of the governmental unit and include roads, municipal buildings, sewer systems,
sidewalks, and so forth ANS -Infrastructure assets
These are the fiduciary funds. ANS -Agency & trust funds