Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

accounting > ARE- Govt'l Fund Accounting > Flashcards

ARE- Govt'l Fund Accounting Flashcards

You may prefer our related Brainscape-certified flashcards:
CPA flashcards
1
Q

What is the accounting equation in fund accounting?

A

Assets = Liabilities + Fund balance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is the recording of commitments related to unfilled contracts called

A

Encumbrances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How are encumbrances recorded?

A

Dr. Encumbrances

Cr. Reserve for encumbrances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How are previously encumbered expenditures recorded?

A

Dr. Reserve for encumbrances
Cr. Encumbrances

Dr. Expenditures
Cr. Vouchers payable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How is a budget recorded?

A

Dr. Estimated revenue
Cr. Appropriations
Dr. or Cr. Fund balance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Should estimated transfers in/out be recorded as part of a budget?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How should property taxes be recorded?

A

Dr. Property tax receivable
Cr. Allowance for uncollectible accounts
Cr. Property tax revenues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How may expenditures of a government be reported?

A 
Fund
program
character
organizational unit
activity
object class
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

True or False?

Estimated revenues should be closed against actual revenues.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

True or false the key to governmental accounting is profitability

A

False accountability over profitability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Which fund pays the general long-term debt principal and interest

A

Debt service fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Where are fixed assets of proprietary funds recorded and depreciated

A

In the proprietary fund itself

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Where is the long-term debt of governmental funds accounted for

A

General long-term debt account group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Name the two types of proprietary funds

A
  1. enterprise fund

2. internal service fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is the accounting method for governmental funds

A

Modified accrual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the two types of interfund transfers

A
  1. Residual equity transfers

2. Operating transfers

17
Q

Which fund is used to account for major construction projects

A

Capital projects fund

18
Q

Where should bond premiums received in the capital projects fund be transferred

A

Debt service fund

19
Q

If a government is not obligated for a special assessment where should the debt service be accounted for?

A

In an agency fund

20
Q

Would proprietary funds be found in a combined statement of reviews expenditures and changes in fund balance

A

No

21
Q

Where should the portion of a claim or judgment not available to be paid out of current funds be reported

A

Long-term debt account group

22
Q

For which funds should a statement of Cash flows be prepared

A

Proprietary funds and non-expendable trust funds

23
Q

In which funds should the proceeds of a governmental lottery to be used for the financing of a library be accounted

A

Special revenue fund

24
Q

what is the accounting method of a nonexpendable trust fund

A

Accrual accounting the same as proprietary funds

25
Q

What are the two methods of accounting for inventories of materials and supplies

A
  1. Purchase method

2. Consumption method

26
Q

When are interest and principal on long-term debt recognized as expenditures

A

when they are due

27
Q

Under governmental accounting when is collection considered to be soon enough so that revenue may be recognized

A

When it is collected within 60 days after year end

28
Q

How should property tax revenue be recorded

A

Net of any uncollectible amounts

Bad debt expense is not used

29
Q

Where is the debt of a proprietary fund recorded

A

In the proprietary fund itself

It services is on debt as well

30
Q

How should the purchase of electricity by a general fund from an enterprise fund be recorded

A

As an expenditure

this is a quasi-external transaction

31
Q

What type of internal fund transfer is made to establish or close a fund

A

Residual equity transfer

32
Q

which trust funds are accounted for in the same way as government funds

A

Expendable trust funds

33
Q

true or false budgets are recorded in proprietary funds

A

False

34
Q

What is the calculation for each years increase in expense and liability for solid waste landfills

A

Estimated total cost times landfill capacity used to date
Over total landfill capacity

Minus amount recognized in prior years

35
Q

True or false the interest paid by the government on refunds is lower than the interest charged by the government on late payments

A

True

accounting (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions