In order for the accounting system of a local governmental unit to be in conformity with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance In order for the accounting system of a local governmental unit to be in conformity with GAAP: Select one O a. Governmental funds, proprietary funds, and trust funds should be provided. O b. Only those funds required by law should be provided. O c. All seven categories of funds must be provided. O d. Funds required by law and sound financial administration should be provided. Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Select one a. Vouchers Payable. b. Appropriations. c. Encumbrances. d. Encumbrances Outstanding. When the budget of a governmental unit is adopted and estimated revenues exceed appropriations, the excess is: Select one a. Debited to Fund Balance or Budgetary Fund Balance. O b. Credited to Fund Balance-Committed-Encumbrances. ec. Credited to Fund Balance or Budgetary Fund Balance. d. Debited to Fund Balance-Committed-Encumbrances. When a computet, which is to be used by an activity accounted for by the General Fund of a govermment unit, is received, it should be recorded in the Ganeral Fund as ain Select one Oa Foed asset Ob. Expenditure Oc Appropriation. Od Encumbrance
Expert Answer:
Answer rating: 100% (QA)
d Funds required by law and sound financial administration should be provided The accounting system ... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
In order for the note to be negotiable, what must it look like?
-
The accounting system of Shoe City includes the following journals. Indicate which journal is used to record each transaction. JOURNALS Cash receipts journal Cash payments journal Purchases journal...
-
The accounting system of K and M Manufacturing consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ)....
-
A sealed flask contains water and oxygen gas at 25C. The O 2 gas has a partial pressure of 1.5 atm. (a) What is the concentration of O 2 in the water? (b) If the pressure of O 2 in the flask is...
-
1. In which section of the Comprehensive Annual Financial Report (CAFR) are the budget-to-actual comparisons of the major funds? a. Which accounting basis did the City follow to prepare its annual...
-
Between -1.93 and -0.45. Assume that a randomly selected subject is given a bone density test. Those test scores are normally distributed with a mean of 0 and a standard deviation of 1. In each case,...
-
What term is used to describe products that are being manufactured but are not yet complete?
-
In PC Techs product mix problem, assume there is another PC model, the VXP that the company can produce in addition to Basics and XPs. Each VXP requires eight hours for assembling, three hours for...
-
44 of 70 shows the changes in each partner's capital account for a specific period of time. A. income statement B. balance sheet C. statement of partner's equity D. cash statement This test: 70 This
-
Part 2: Presentation and Data Work (90 marks) You have been asked to collect company data and to create a final written presentation based on your analysis of the data and the performance measures...
-
Today you purchased a bond at a quoted price of 98.7. The bond matures in five years, pays semi-annual interest, and has a 6.5% coupon rate. If you hold the bond to maturity, what real rate of return...
-
Heat is released in the chemical reaction that causes iron to rust. Say you leave a nail in a cup of water and wait for it to entirely rust. The cup is not insulated, so the heat dissipates away .If...
-
If the December 1 balance in the Direct Materials Inventory account was $35,000, the December 31 balance was $44,500, and $205,000 of direct materials were issued to production during December, what...
-
1.The following data are available for Ruggles Company for the year ended September 30, 2011. Sales:24,000 units at Php50 each Expected and actual production:30,000 units Manufacturing costs...
-
Maganda Corporation uses Material A which is applied at the start of the process, while material B is added to the good units. Inspection is at 90% completion. Normal spoilage is 5% of good output....
-
Tara Co . purchased a patent from Venice Co . for $ 3 , 0 0 0 , 0 0 0 on January 1 , Year 1 . The patent is being amortized over its remaining legal life of 1 0 years, expiring on January 1 , Year 1...
-
work 1.docx (1.29 MB) The depth = 0 corresponds to a free surface at atmospren pressure. Determine, through numerical integration of Eq. 2.4, the corresponding variation in pressure and show the...
-
In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...
-
Ravine Corporation purchased 30 percent ownership of Valley Industries for $90,000 on January 1, 20X6, when Valley had capital stock of $240,000 and retained earnings of $60,000. The following data...
-
Why not simply add a fourth part to the three-part consolidation worksheet to permit preparation of a consolidated cash flow statement?
-
Weal Corporation purchased 60 percent of Modern Products Company's shares on December 31, 20X7, for $210,000. At that date, the fair value of the noncontrolling interest was $140,000. On January 1,...
-
Which of the following information system functions focuses on the identification of problems and projects for computer processing? (a) user support (b) programming (c) operations (d) systems analysis
-
Which of the following is a general term that is used to describe the use of electronic technology for business documents? (a) telecommuting (b) information system (c) office automation (d)...
-
( __________________ ) is the direct computer-to-computer exchange of business documents via a communications network. (a) electronic data interchange (b) electronic funds transfer (c) telecommuting...
Study smarter with the SolutionInn App