Accounting Cycle Multiple Choice Questions Homework Help Online
- November 8, 2017
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- Category: Accounting QA
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1. Which of the following is true for debt service funds
A legally required budget should be recorded in the accounts.
A combining balance sheet may not be prepared for a comprehensive annual financial report (CAFR) when more than one debt service fund exists.
Encumbrance accounting is often used.
GAAP requires that a separate debt service fund be established for each bond issue.
2. Which of the following budgetary accounts is typically used by a debt service fund
Encumbrances.
Appropriations.
Estimated Uncollectible Accounts.
Reserve for Encumbrances.
3. Which of the following is not a budgetary account
Encumbrances.
Reserve for Encumbrances.
Estimated Revenues.
Appropriations.
4. When bonds are sold at a premium for a capital project, the premium amount generally
Increases the cash available to the capital projects fund.
Is transferred to the debt service fund.
Is transferred to the General Fund.
Is ignored by both the capital projects fund and any other fund.
5. With regard to depreciation of general capital assets, which of the following statements is correct
Depreciation expense should be recorded in the appropriate governmental funds, and recorded in the governmental activities accounts.
Depreciation expense must be recorded in the governmental fund, but no depreciation expense is recorded in the governmental activities accounts.
No depreciation can be recorded in any governmental fund, but depreciation expense must be recorded in the governmental activities accounts.
No depreciation can be recorded in any governmental fund, nor is it permissible to record depreciation expense in the governmental activities accounts.
6. The account “Interfund Transfers In” would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an)
Revenue.
Other financing use.
Other financing source.
Current liability
7. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first
Disbursement.
Appropriation.
Encumbrance.
Expenditure.
8. Which of the following is true regarding capital projects funds
Encumbrances accounting is employed.
Encumbrances accounting is not normally employed, but Estimated Revenues and Appropriations accounts are used.
No budgetary accounts are ever used.
All budgetary accounts are employed in the same manner as for the General Fund and special revenue funds.
9. The body that has been established to recommend accounting and financial reporting standards for the federal government is the
Financial Accounting Standards Board (FASB).
Governmental Accounting Standards Board (GASB).
Cost Accounting Standards Board (CASB).
Federal Accounting Standards Advisory Board (FASAB).
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10. The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include
A debit to cash for $792,000.
A credit to revenues for $792,000.
A debit to estimated uncollectible current taxes for $8,000.
A debit to estimated revenues for $800,000.
11. Which of the following is a fiduciary fund
Investment trust fund.
Special revenue fund.
Debt service fund.
Enterprise fund.
12. Which of the following should not be reported as a liability of the General Fund
General obligation bonds payable (due in 10 years).
Vouchers payable.
Tax anticipation notes payable.
Due to federal government.
13. A capital projects fund might be used to account for which of the following activities
Maintaining roads and bridges.
Building a parking garage.
Providing water and sewer services.
Servicing long-term debt.
14. The fund financial statements for governmental funds should include a
Statement of cash flows.
Statement of revenues, expenses, and changes in fund net assets.
Balance sheet.
Statement of activities.
15. The following information is available for Baker Industries:
Cost of goods manufactured $320,000
Beginning finished goods inventory 45,000
Ending finished goods inventory 35,000
Compute the cost of goods sold.
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