topic measurement focus lo 3 11 current financial resources include a only cash asse 4314332

topic measurement focus lo 3 11 current financial resources include a only cash asse 4314332

Topic: Measurement Focus

LO: 3

11.“Current Financial Resources” include:

a.Only cash assets.

b.Both cash and investments.

c.All assets and liabilities.

d.Only current liabilities.

e. None of the abovecompletely describe the concept of “current financial resources.”

 

Topic: Modified Accrual Basis of Accounting

LO: 3

12.Under the “modified accrual basis of accounting”:

a.Revenues are recognized when they are both measurable and available to finance expenditures.

b.Revenues are recognized when they are both measurable, even if not available to finance expenditures.

c.Revenues are recognized when they are available to finance expenditures, even if not currently measurable.

d.None of the above

Topic: Modified Accrual Basis of Accounting

LO: 3

13.Which of the following statements best describes the recognition of revenue?

a.Governments recognize revenues from exchangetransactions when the cash is received, and, for nonexchange transactions, when the resourcesare available to satisfy existing liabilities.

b.Governments recognize revenues from exchangetransactions when the transactions take place, and, for nonexchange transactions, when it is probable that resources will be received in the current year.

c.Governments recognize revenues from exchangetransactions when the transactions take place, and, for nonexchange transactions, when the resourcesare available to satisfy existing liabilities.

d.None of the above.

Topic: Property Taxes

LO: 3

14.Which ofthe following best describes how revenues from property taxes are recognized?

a.Revenues from property taxes are recognized when the taxes are paid.

b.Revenues from property taxes are recognized when they are both measureable and available.

c.Revenues from property taxes are recognized when tax bills are sent out.

d.Noneof the above

Topic: Grants and Other Subsidies

LO: 2

15.Which ofthe following best describes how revenues from grants and other subsidies are recognized?

a.Grants and other subsidies are recognized when all eligibility requirements are met.

b.Grants and other subsidies are recognized when it becomes likely that all eligibility requirements will be met.

c.Grants and other subsidies are recognized when it becomes probable that all eligibility requirements will be met.

d.Grants and other subsidies are recognized when collected.

 

Topic: Budget Entry

LO: 4

16.The journal entry to record the budget:

a.Contains one or more debits to recognize appropriations and one or more credits to recognize revenues

b.Records the estimated increase or decrease in the Budgetary Fund Balance as a debit or credit

c.Is typically reversed at the end of the accounting year

d.Both b. and c.

Topic: Real Estate Tax Entry

LO: 4

17.The journal entry to recordthe real estate tax levy:

a.Is made when taxes are assessed and billings are sent to residents.

b.Is not made until the taxes are received.

c.May include an entry to record deferred taxes.

d.Both a andc are true.

Topic: Encumbrances and Expenditures

LO: 4

18.Which of the following statements is (are) true?

a.An expenditure relates to the establishment of an appropriation.

b.An expenditure relates to the using up of an appropriation.

c.An expenditure typically recognizes accrues liabilities.

d.All of the above

Topic: Encumbrances and Expenditures

LO: 4

19.Which of the following statements is (are) true?

a.An encumbrance is a contractual commitment relating to an existing appropriation.

b.An encumbrance is a liability appearing on the balance sheet.

c.An encumbrance is an expenditure.

d.None of the above

Topic: Encumbrances and Expenditures

LO: 4

20.Which of the following statements is (are) true?

a.Outstanding encumbrances that have not yet been filled are reversed out at the end of the year

b.Outstanding encumbrances that have not yet been filled may be carried over to the following year if spending authority exists

c.All outstanding encumbrances must be fulfilled by the end of the year

d.None of the above are true

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