ACCT 4421 Exam 1 LSU Briggs Questions
and Answers 100% Solved
budgetary and fiscal compliance Correct Answ_if resources obtained and used according to
the legally adopted budgets
fiduciary Correct Answ_this statement is still found in the CAFR
service efforts and cost accomplishments Correct Answ_provide information to assist users
in assessing the service efforts, costs, and accomplishments of governmental entity
fund Correct Answ_used to keep track of specific source of funding and spending for
particular purposes
-fund
-function
-unit
-activity
-character
,-object Correct Answ_list of the budget classifications
hardly ever; because you can have multiple funds going to one organization in the department
Correct Answ_does fund structure resemble organization structure?
assets Correct Answ_present service capacity the government currently controls
liabilities Correct Answ_present obligations to sacrifice resources that he government has
little or not discretion to avoid
deferred outflow of resources Correct Answ_consumption of net assets applicable to a future
reporting period, using up assets, close to prepaids
deferred inflow of resources Correct Answ_acquisition of net assets applicable to a future
reporting period, similar to unearned revenue
fund balance Correct Answ_residual for Government Wide Net Position
,outflow of resources Correct Answ_consumption of net assets applicable to the reporting
period (includes expenses, losses, OFU transfer out)
inflow of resources Correct Answ_acquisition of net assets applicable to the reporting period
(includes revenues, gains, OFS transfer in)
other financing sources OFS- transfer in Correct Answ_-transfer money between funds
-when the money comes in
-each fund is its own accounting system
other financing uses- transfer out Correct Answ_-money is going out
DEBIT OFU non reciprocal transfer out to internal service
CREDIT Cash
DEBIT Cash
CREDIT OFS non reciprocal transfer in from general Correct Answ_journal entry to record
when money is transferred from the center to the city
, when the government believes it will get its money back Correct Answ_when to use prepaid
when the government believes they are not getting their money back AND when the eligibility
requirements for the grant have already been met Correct Answ_when to use deferred
outflow
DEBIT Prepaid Grant
CREDIT Cash
As you use the grant:
DEBIT Grant Expense
CREDIT Prepaid Grant Correct Answ_the two journal entries needed when you have a
prepaid grant
DEBIT Deferred Outflow
CREDIT Cash
DEBIT Grant Expenditure
and Answers 100% Solved
budgetary and fiscal compliance Correct Answ_if resources obtained and used according to
the legally adopted budgets
fiduciary Correct Answ_this statement is still found in the CAFR
service efforts and cost accomplishments Correct Answ_provide information to assist users
in assessing the service efforts, costs, and accomplishments of governmental entity
fund Correct Answ_used to keep track of specific source of funding and spending for
particular purposes
-fund
-function
-unit
-activity
-character
,-object Correct Answ_list of the budget classifications
hardly ever; because you can have multiple funds going to one organization in the department
Correct Answ_does fund structure resemble organization structure?
assets Correct Answ_present service capacity the government currently controls
liabilities Correct Answ_present obligations to sacrifice resources that he government has
little or not discretion to avoid
deferred outflow of resources Correct Answ_consumption of net assets applicable to a future
reporting period, using up assets, close to prepaids
deferred inflow of resources Correct Answ_acquisition of net assets applicable to a future
reporting period, similar to unearned revenue
fund balance Correct Answ_residual for Government Wide Net Position
,outflow of resources Correct Answ_consumption of net assets applicable to the reporting
period (includes expenses, losses, OFU transfer out)
inflow of resources Correct Answ_acquisition of net assets applicable to the reporting period
(includes revenues, gains, OFS transfer in)
other financing sources OFS- transfer in Correct Answ_-transfer money between funds
-when the money comes in
-each fund is its own accounting system
other financing uses- transfer out Correct Answ_-money is going out
DEBIT OFU non reciprocal transfer out to internal service
CREDIT Cash
DEBIT Cash
CREDIT OFS non reciprocal transfer in from general Correct Answ_journal entry to record
when money is transferred from the center to the city
, when the government believes it will get its money back Correct Answ_when to use prepaid
when the government believes they are not getting their money back AND when the eligibility
requirements for the grant have already been met Correct Answ_when to use deferred
outflow
DEBIT Prepaid Grant
CREDIT Cash
As you use the grant:
DEBIT Grant Expense
CREDIT Prepaid Grant Correct Answ_the two journal entries needed when you have a
prepaid grant
DEBIT Deferred Outflow
CREDIT Cash
DEBIT Grant Expenditure
