F9/M3 Transactions and Events Part 1

Question 1

Governmental Funds (GRaSPP)

Answer 1

BAE - BAE accounting

• Book Budget -> Close Budget
• Book Activities -> Close Activities
• Book Encumbrances -> Close Activities

Question 2

Governmental Fund Revenues and OFS

Answer 2

Revenues

• Taxes (income/sales)
• Taxes (Property)
• Fines

OFS

• Debt proceeds
• Interfund transfers

Question 3

Budgetary accounts are opposite from real, proprietary, or actual amounts

Answer 3

Difference between
Dr: Estimated Revenue Control
Cr: Appropriations Control

is “Budgetary Control”

Question 4

Billed = recorded

Answer 4

Imposed Non exchange revenues

• Real estate taxes
• Fines

Question 5

Received = revenue

Answer 5

Derived tax revenue

• Sales tax
• Income tax

Question 6

Expenditures (Accrual)

Answer 6

When “Voucher Payable” is recorded

• Expense when incurred
• Transfers between funds = OFU

Question 7

Purchase Method and Consumption Method for recording current assets (Inventory, prepaid expenses, and supplies)

Answer 7

Purchase

• Debit Expenditures, Credit Payable
• Adjust Inventory for items on hand

Consumption

• Record inventory
• Expense when consumed