Nonprofit and government accounting
final exam correctly answered to pass
graded A+
When the entire budget is approved there will be an entry to the fund balance account with a:
a. either a debit or a credit
b. credit
c. neither a debit or a credit - no entry is made
d. debit - correct answer ✔✔*a. either a debit or a credit
With regard to depreciation of general capital assets, which of the following statements is
correct?
a. Depreciation expense must be recorded in the governmental fund, but no depreciation
expense is recorded in the governmental activities accounts.
b. No depreciation can be recorded in any governmental fund, but depreciation expense must
be recorded in the governmental activities accounts.
c. No depreciation can be recorded in any governmental fund, nor is it permissible to record
depreciation expense in the governmental activities accounts.
d. Depreciation expense should be recorded in the appropriate governmental funds, and
recorded in the governmental activities accounts. - correct answer ✔✔*b. No depreciation can
be recorded in any governmental fund, but depreciation expense must be recorded in the
governmental activities accounts.
When the entire budget is approved there will be an entry to the estimated revenue account
with a:
,a. credit
b. either a debit or a credit
c. neither a debit or a credit - no entry is made
d. debit - correct answer ✔✔*d. debit
Government-wide financial statements present the government's financial position using
a. Total financial resources measurement focus and the accrual basis of accounting.
b. Economic resources measurement focus and the accrual basis of accounting.
c. Current financial resources measurement focus and the cash basis of accounting.
d. Current financial resources measurement focus and the modified accrual basis of accounting.
- correct answer ✔✔*b. Economic resources measurement focus and the accrual basis of
accounting.
Imposed tax revenues :
a. none of the answers provided are correct
b. are exchange transactions
c. include sales taxes
d. include property taxes
e. all are correct - correct answer ✔✔*d. include property taxes
When the entire budget is approved there will be an entry to the encumbrance account with a:
a. either a debit or a credit
b. debit
,c. neither a debit or a credit - no entry is made
d. credit - correct answer ✔✔*c. neither a debit or a credit - no entry is made
Which of the following is not a budgetary account?
a. Reserve for Encumbrances.
b. All are budgetary accounts
c. Estimated Revenues.
d. Appropriations.
e. Encumbrances. - correct answer ✔✔*a. Reserve for Encumbrances.
Harrison County receives $100 payment on property taxes for the current year, the actual
revenue for the general fund will include an entry of a:
a. credit
b. neither a debit or a credit
c. debit
d. either a debit or a credit - correct answer ✔✔*b. neither a debit or a credit
When the entire budget is approved there will be an entry to the appropriations account with a:
a. debit
b. neither a debit or a credit - no entry is made
c. credit
d. either a debit or a credit - correct answer ✔✔*c. credit
, Which of the following is one of the three sections of a comprehensive annual financial report?
a. Investment section.
b. Supplementary section.
c. Statistical section.
d. Single audit section. - correct answer ✔✔*c. Statistical section.
When the budget of a government is adopted and Estimated Revenues exceed Appropriations,
the excess is
a. Credited to Reserve for Encumbrances.
b. Debited to Budgetary Fund Balance.
c. Credited to Budgetary Fund Balance.
d. Debited to Reserve for Encumbrances. - correct answer ✔✔*c. Credited to Budgetary Fund
Balance.
When the entire budget is approved there will be an entry to the reserve for encumbrances
account with a:
a. either a debit or a credit
b. neither a debit or a credit - no entry is made
c. debit
d. credit - correct answer ✔✔*b. neither a debit or a credit - no entry is made
When a purchase order is cancelled there will be an entry to the reserve for encumbrances
account with a:
final exam correctly answered to pass
graded A+
When the entire budget is approved there will be an entry to the fund balance account with a:
a. either a debit or a credit
b. credit
c. neither a debit or a credit - no entry is made
d. debit - correct answer ✔✔*a. either a debit or a credit
With regard to depreciation of general capital assets, which of the following statements is
correct?
a. Depreciation expense must be recorded in the governmental fund, but no depreciation
expense is recorded in the governmental activities accounts.
b. No depreciation can be recorded in any governmental fund, but depreciation expense must
be recorded in the governmental activities accounts.
c. No depreciation can be recorded in any governmental fund, nor is it permissible to record
depreciation expense in the governmental activities accounts.
d. Depreciation expense should be recorded in the appropriate governmental funds, and
recorded in the governmental activities accounts. - correct answer ✔✔*b. No depreciation can
be recorded in any governmental fund, but depreciation expense must be recorded in the
governmental activities accounts.
When the entire budget is approved there will be an entry to the estimated revenue account
with a:
,a. credit
b. either a debit or a credit
c. neither a debit or a credit - no entry is made
d. debit - correct answer ✔✔*d. debit
Government-wide financial statements present the government's financial position using
a. Total financial resources measurement focus and the accrual basis of accounting.
b. Economic resources measurement focus and the accrual basis of accounting.
c. Current financial resources measurement focus and the cash basis of accounting.
d. Current financial resources measurement focus and the modified accrual basis of accounting.
- correct answer ✔✔*b. Economic resources measurement focus and the accrual basis of
accounting.
Imposed tax revenues :
a. none of the answers provided are correct
b. are exchange transactions
c. include sales taxes
d. include property taxes
e. all are correct - correct answer ✔✔*d. include property taxes
When the entire budget is approved there will be an entry to the encumbrance account with a:
a. either a debit or a credit
b. debit
,c. neither a debit or a credit - no entry is made
d. credit - correct answer ✔✔*c. neither a debit or a credit - no entry is made
Which of the following is not a budgetary account?
a. Reserve for Encumbrances.
b. All are budgetary accounts
c. Estimated Revenues.
d. Appropriations.
e. Encumbrances. - correct answer ✔✔*a. Reserve for Encumbrances.
Harrison County receives $100 payment on property taxes for the current year, the actual
revenue for the general fund will include an entry of a:
a. credit
b. neither a debit or a credit
c. debit
d. either a debit or a credit - correct answer ✔✔*b. neither a debit or a credit
When the entire budget is approved there will be an entry to the appropriations account with a:
a. debit
b. neither a debit or a credit - no entry is made
c. credit
d. either a debit or a credit - correct answer ✔✔*c. credit
, Which of the following is one of the three sections of a comprehensive annual financial report?
a. Investment section.
b. Supplementary section.
c. Statistical section.
d. Single audit section. - correct answer ✔✔*c. Statistical section.
When the budget of a government is adopted and Estimated Revenues exceed Appropriations,
the excess is
a. Credited to Reserve for Encumbrances.
b. Debited to Budgetary Fund Balance.
c. Credited to Budgetary Fund Balance.
d. Debited to Reserve for Encumbrances. - correct answer ✔✔*c. Credited to Budgetary Fund
Balance.
When the entire budget is approved there will be an entry to the reserve for encumbrances
account with a:
a. either a debit or a credit
b. neither a debit or a credit - no entry is made
c. debit
d. credit - correct answer ✔✔*b. neither a debit or a credit - no entry is made
When a purchase order is cancelled there will be an entry to the reserve for encumbrances
account with a:
