Accounting

When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Budgetary Fund Balance account is  (Points : 2)
Credited at the beginning of the year and debited at the end of the year.
Credited at the beginning of the year and no entry is made at the end of the year.
Debited at the beginning of the year and no entry is made at the end of the year.
Debited at the beginning of the year and credited at the end of the year.

17. The expenditure classification “Public Safety” is an example of which of the following types of classifications?  (Points : 2)
Activity.
Function.
Character.
Object.

18. Which of the following statements is always true concerning the reporting of debt service funds?  (Points : 2)
Debt service funds are reported in a separate column in the governmental fund financial statements.
Debt service funds are reported in a separate column in the government-wide financial statements.
Debt service funds are reported in the Other Governmental Funds column in the governmental fund financial statements.
Debt service funds are reported in the Governmental Activities column in the government-wide financial statements.

19. Which of the following would be considered an internal exchange transaction?  (Points : 2)
The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will not be repaid.
The General Fund transfers $125,000 to the Debt Service Fund for payment of currently due bond interest payments.
The General Fund orders and receives supplies from the Central Supplies Fund in the amount of $9,000.
The Capital Projects Fund completes a library building project and transfers the remaining cash to the Debt Service Fund.

20. Which of the following is identified by the GASB as the “cornerstone” of all financial reporting in government?  (Points : 2)
Understandability.
Representational faithfulness.
Accountability.
Interperiod equity.

Solution:

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