1. A journal entry is necessary to move expense from project A to project B. Which...

 

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1. A journal entry is necessary to move expense from project A to project B. Which project should be debited? a. Project B b. Project A c. Both d. Neither 2. A Departmental Sales Journal entry must be made to post Revenue to Project A and Expense to project B. What should be debited and credited? a. Project A should be debited, Project B credited b. Project A should be credited, Project B debited c. Project A should be credited, Project B should decrease the budget d. Project B should be debited, Project A should increase the budget 3. What is the formula for a balanced fund? a. Liabilities (expense-revenue)-Fund Balance - Assets b. Revenue - Expense Assets - Liabilities c. Liabilities + PY Fund Balance+ (Revenue - Expense) = Assets d. Assets Liabilities 4. What is the largest fund at Georgia Tech? a. GTRI b. DLPE c. Agency d. Resident Instruction 5. When would I need to establish and agency fund? a. When I am acting as an agent for a group, but do not own resources. b. When I am paying bills that are unrelated to sponsored projects. c. When I plan on accumulating funds for use in future fiscal years. d. When I deposit funds at the Bursar's Office for DSS. 6. Who establishes Agency Funds? a. Procurement b. Accounts Payable c. Budget Office d. Accounting Services 7. Who establishes state projects? a. Procurement b. Accounts Payable c. Budget Office d. Accounting Services 1. A journal entry is necessary to move expense from project A to project B. Which project should be debited? a. Project B b. Project A c. Both d. Neither 2. A Departmental Sales Journal entry must be made to post Revenue to Project A and Expense to project B. What should be debited and credited? a. Project A should be debited, Project B credited b. Project A should be credited, Project B debited c. Project A should be credited, Project B should decrease the budget d. Project B should be debited, Project A should increase the budget 3. What is the formula for a balanced fund? a. Liabilities (expense-revenue)-Fund Balance - Assets b. Revenue - Expense Assets - Liabilities c. Liabilities + PY Fund Balance+ (Revenue - Expense) = Assets d. Assets Liabilities 4. What is the largest fund at Georgia Tech? a. GTRI b. DLPE c. Agency d. Resident Instruction 5. When would I need to establish and agency fund? a. When I am acting as an agent for a group, but do not own resources. b. When I am paying bills that are unrelated to sponsored projects. c. When I plan on accumulating funds for use in future fiscal years. d. When I deposit funds at the Bursar's Office for DSS. 6. Who establishes Agency Funds? a. Procurement b. Accounts Payable c. Budget Office d. Accounting Services 7. Who establishes state projects? a. Procurement b. Accounts Payable c. Budget Office d. Accounting Services

Answer rating: 100% (QA)

ANSWERS 1 b Project A should be debited 2 a Project A should be debited Project B credited 3 c Liabilities PY Fund Balance Revenue Expense Assets 4 a GTRI 5 a When I am acting as an agent for a group ... View the full answer