FAR 8 Q 2 B

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Joens1313
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228069
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FAR 8 Q 2 B
Updated:
2013-07-24 17:35:27
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FAR
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FAR 8 Q 2 B
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  1. property taxes, licenses and fines are classified as -----------------------------Revenues
    Estimated
  2. Debt issue and inter fund transfer are classified as Estimated ------------------------------------
    Other Financing Sources
  3. The encumbrance account of a governmental unit is debited when?
    A purchase order is approved
  4. The ------------------- account is debited and Reserve for Encumbrances budgetary fund balance is credited when a purchase order is approved.
    encumbrance
  5. The encumbrances account is debited and ----------------------------- budgetary fund balance is credited when a purchase order is approved
    Reserve for encumbrances
  6. The encumbrances account is debited and Reserve for Encumbrances budgetary fund balance is credited when a ------------------ is approved
    purchase order
  7. A budgetary fund balance reserved for encumbrances in excess of a balance of encumbrances indicates?
    a recording error
  8. What account of a governmental unit is credited when taxpayers are billed for property taxes
    Revenues
  9. The estimated revenues control account balance of a governmental fund type is eliminated when
    the budgetary accounts are closed
  10. The estimated revenues control account is eliminated when the ------------------ are closed.
    budgetary accounts
  11. The estimated ------------------------- account is eliminated when the budgetary accounts are closed.
    revenues control
  12. Encumbrances outstanding at year end in a states general fund would most likely be reported as a ?
    Fund balance commitment in the general fund
  13. a public school district should recognize revenue from property taxes levies for its debt service fund when?
    Funds from the levy are measurable and available to the district
  14. Revenue from property taxes are recognized when the revenue is ------------------- and ---------------------------.
    available, measureable
  15. For a capital projects fund, it is -------------------- to record depreciation expense.
    inappropriate
  16. Powell City purchased a piece of equipment to be used by a department financed by the general fund.  How should Powell report the acquisition in the general fund?
    As an expenditure
  17. equipment purchases would be classified as a capital outlay ----------------------- in governmental fund financial statements.
    expenditure
  18. The ---------------------- is a governmental fund that uses the current financial resources measurement focus and the modified accrual basis of accounting.
    general fund
  19. The general fund is a governmental fund that uses the current financial resources measurement focus and the ------------------basis of accounting.
    Modified accrual
  20. The general fund is a governmental fund that uses the ----------------------- resources measurement focus and the modified accrual basis of accounting.
    current financial
  21. fixed assets are -------- expected to contribute to the generation of revenue and are therefore treated like an expenditure.
    not
  22. fixed assets are not expected to contribute to the generation of revenue and are therefore treated like an ------------------------.
    expenditure
  23. how should state appropriations to a state university choosing to report as engaged only in business type activities be reported in its statement of revenues expenses and changes in net assets?
    non operating revenues
  24. receiving state appropriations represents a ----------------------- transaction and will be treated as nonoperating revenues
    non exchange
  25. receiving state appropriations represents a non exchange transaction and will be treated as ------------------------------
    nonoperating revenues
  26. what is the major difference between an exchange transaction and a non exchange transaction for governmental units
    the relationship between the amount of value given and received
  27. an ------------------ transaction is a reciprocal transfer in which each party received and sacrifices something of approximately equal value
    exchange
  28. a ------------------------- transaction involves giving/receiving value without receiving/giving equal value in return.
    non exchange

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