Question

1. Appropriation budgets are typically concerned with
a. The details of appropriated expenditures
b. Long-term revenues and expenditures
c. Current operating revenues and expenditures
d. Capital outlays

2. Which of the following types of budgets would be most likely to include a line item “purchase of supplies”?
a. Object classification
b. Performance
c. Capital
d. Program

3. Per GASB Statement No. 34, a budget-to-actual comparison must include columns for the actual results and
a. The original budget only
b. The final budget only
c. Both the original and the final budget
d. Both the amended and the final budget

4. Apportionments are made during which phase of the budget cycle?
a. Preparation
b. Legislative adoption and executive approval
c. Execution
d. Reporting and auditing

5. In adopting and recording the budget a government should
a. Debit estimated revenues and credit revenues
b. Credit estimated revenues and debit fund balance
c. Debit revenues and credit fund balance
d. Debit estimated revenues and credit fund balance

6. In closing budgetary and expenditure accounts at year-end a government should
a. Debit appropriations and credit expenditures
b. Credit appropriations and debit expenditures
c. Debit expenditures and credit fund balance
d. Credit appropriations and debit fund balance

7. The prime function of budgetary entries is to
a. Apportion appropriated expenditures to specific accounts
b. Help the government monitor revenues and expenditures
c. Amend the budget during the year
d. Facilitate the year-end budget-to-actual comparisons

8. A government should debit an expenditure account upon
a. Recording the budget
b. Approving an apportionment
c. Ordering supplies
d. Recording the receipt of an invoice from its telephone service provider

9. If a government records the budget, and actual revenues exceed budgeted revenues, what would be the impact on the year-end financial statements?
a. The difference between actual and budgeted revenues would be reported on neither the balance sheet nor the statement of revenues and expenditures
b. The difference between actual and budgeted revenues would be recorded as a budgetary reserve on the balance sheet
c. The difference between actual and budgeted revenues would be shown as a revenue contra account on the statement of revenues and expenditures
d. The actual revenues would be shown on the statement of revenues and expenditures as a deduction from estimated revenues



$1.99
Sales2
Views681
Comments0
  • CreatedAugust 13, 2014
  • Files Included
Post your question
5000