F9/M4 Transactions and Events Part 2

Question 1

Record purchase of encumbered truck in following year

Answer 1

Dr: Expenditures - prior year
Cr: Vouchers payable

Question 2

Calculate Remaining Available Appropriations

Answer 2

Budget: Appropriations
(-) Activity: Expenditures
(-) Encumbrances
(=) Available Appropriations

Question 3

Interfund Services

Answer 3

Revenues and expenditures

Question 4

Interfund Transfers

Answer 4

Other Financing Sources and Uses

Question 5

Interfund reimbursements are not displayed as interfund transactions

Answer 5

True

Question 6

Interfund Loans

Answer 6

Due to / Due from

Question 7

CATEGORIES OF FUND BALANCE

Answer 7

Nonspendaable

• Inventories
• Prepaid items

Restricted
- By external authority

Committed
- Encumbered appropriations

Assigned
- Board designated

Unassigned
- Only the General Fund can have a positive
balance

Question 8

Categories of Net Position*

SE & Government-wide funds

Answer 8

Net Investment in Capital Assets
- Capital assets (-) Acc. Depreciation (-)
Outstanding debt to acquire assets
- Includes tangible and intangible capital
assets

Restricted
- externally imposed

Unrestricted
- representing managements position