Question

Multiple Choice Questions
1. Which of the following transactions requires entries recording encumbrances in an Expenditures Subsidiary Ledger?
a. Legal adoption of the General Fund budget.
b. Purchase of equipment on account.
c. Accrual of salaries and wages.
d. Order of supplies.

2. Which of the following items does a government with a modified accrual and encumbrances basis budget report differently in its budgetary basis statement of revenues, expenditures, and changes in fund balances—budget and actual—than in its GAAP-based statement of revenues, expenditures, and changes in total fund balances?
a. Personal services expenditures.
b. Encumbrances outstanding.
c. Interfund reimbursements.
d. Proceeds of general long-term debt issuances.

3. The budget data presented in a school district General Fund statement of revenues, expenditures, and changes in fund balances—budget and actual—are to be
a. The original, legally adopted budget.
b. The final revised budget, as amended.
c. Both the original, legally adopted budget and the final revised budget, as amended.
d. Presented on the modified accrual basis of accounting even if the budget is adopted on the cash basis.

4. Allotments are best defined as
a. Legislative appropriations subdivided into more detailed expenditure categories by the executive branch.
b. Legislative appropriations subdivided by time periods.
c. Operating grants that must be used for a specific purpose.
d. A budgeting tool that must be used in conjunction with the purchases method of inventory accounting.



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  • CreatedOctober 25, 2014
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