FAR 8 Q 2 A

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Joens1313
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227875
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FAR 8 Q 2 A
Updated:
2013-07-22 20:50:54
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FAR
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FAR 8 Q 2 A
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  1. ------------------ revenues represent taxes imposed on or derived from exchange transactions such as commercial sales.
    Derived tax
  2. Derived tax revenues represent taxes imposed on or derived from exchange transactions such as -----------------------.
    commercial sales
  3. Chase City imposes a % tax on hotel charges.  Revenues from this tax be used to promote tourism in the city.  Chase should record this tax as what type of non exchange transaction?
    Derived tax revenue
  4. Property taxes and fines represent which of the following classes of non exchange transactions for governmental units.
    Imposed non exchange revenues
  5. ----------------------------- revenues include property taxes and fines.
    Imposed non exchange
  6. Imposed non exchange revenues include ---------------------- and -----------.
    property taxes, fines
  7. --------------------------- transactions are non exchange transactions that effectively represent contributions such as grants, etc.
    voluntary non exchange
  8. ---------------------------------------------------- transactions represent non exchange transactions that compel the collection of revenues for certain activities such as environmental clean up , etc.
    Government mandated non exchange
  9. When a purchase order is released a commitment is made by a governmental unit to buy a computer to be manufactured to specifications for use in property tax administration.  This commitment should be recorded in the general fund as a ?
    Encumbrance
  10. vale city legally adopts a cash basis budget.  What basis should be used in vales budgetary comparisons
    cash
  11. Budgetary comparisons must be presented on  the same basis of accounting as the ----------budget.
    adopted
  12. ------------ comparisons must be presented on  the same basis of accounting as the adopted budget.
    Budgetary
  13. The revenues control account of a government unit is increased when?
    property taxes are recorded
  14. which internal account should Spring Township credit when it issues a purchase order for supplies
    Reserve for encumbrances
  15. The estimated revenues control account of a government unit is debited when?
    the budget is recorded
  16. the expenditure element salaries and wages is an example of which types of classification
    object
  17. Wages and salaries is an example of an ---------- classification
    object
  18. On what accounting basis does GASB recommend that governmental fund badgets be prepared?
    modified accrual
  19. when a snowplow purchased by a governmental unit is received it should be recorded in the general fund as a ?
    expenditure
  20. Expenditures of a governmental unit for insurance extending over more than one accounting period may be allocated between or among accounting periods or may be accounted for as expenditures of the period of acquisition.    T/F
    True

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