Final Exam Wrong Answers Flashcards
The first $5,000 of the state grant received is appropriately expended.
What is the government wide accounting entry?
Governmental Activities
Expense- Public Service. 5000
Cash. 5000
Unearned Grant Revenue. 5000
Revenues. 5000
Assume there is already a $94,000 encumbrance for a truck.
What is the fund entry for:
The truck ordered is received for an actual cost of $96,000. Payment is not made at this time
General Fund
Encumbrances Outstanding. 94,000
Encumbrances - Truck. 94,000
Expenditures-Trucks. 96,000
Vouchers or A/P. 96,000
The government sells $900,000 in bonds at face value to finance construction of a warehouse.
What is the fund financial statement journal entry?
Capital Projects Fund
Cash. 900,000
Other Financing Sources-Bonds Proceeds. 900,000
Equipment for the fire department is received with a cost of $12,000. When it was ordered, an anticipated cost of $11,800 had been received.
What is the fund financial statement journal entry?
General Fund
Encumbrances Outstanding. 11,800
Encumbrances - Equipment. 11,800
Expenditures Control-Machinery and Equipment 12,000
Vouchers or Accounts Payable. 12,000
A state grant of $90,000 is awarded to supplement police salaries. The money will be paid to reimburse the government after the supplement payments have been made to the police officers.
What is the fund financial statement journal entry?
Special Revenue Fund
Grant Receivable. 90,000
Unavailable Grant Revenue 90,000
Property tax assessments are mailed to citizens of the government. The total assessment is $600,000, although officials anticipate that 4 percent will never be collected. There is an enforceable legal claim for this money and the government can use it immediately.
What is the fund financial statement journal entry?
General Fund
Taxes Receivable. 600,000
Revenues - Property Taxes. 576,000
Allowance for Uncollectible Current Taxes. 24,000
A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with approved spending of $540,000 and operating transfers out of $242,000.
What is the fund financial statement journal entry?
General Fund
Estimated Revenues. 834,000
Appropriations. 540,000
Estimated Other Financing Uses-Oper. Transfers. 242,000
Budgetary Fund Balance. 52,000
Bonds are sold for $8 million (face value) to finance the construction of the new office building.
What is the fund financial statement journal entry?
Capital Projects Fund
Cash. 8,000,000
Other Financing Sources. 8,000,000
The new building is completed. An invoice for $8 million is received and paid.
What is the fund financial statement journal entry?
Capital Projects Fund
Encumbrances Outstanding. 8,000,000
Encumbrances - Office Building. 8,000,000
Expenditures. 8,000,000
Contracts Payable. 8,000,000
Contracts Payable. 8,000,000
Cash. 8,000,000
Previously unrestricted cash of $1 million is set aside to begin paying the bonds issued.
What is the fund financial statement journal entry?
General Fund
Other Financing Uses. 1,000,000
Cash. 1,000,000
Debt Service Fund
Cash. 1,000,000
Other Financing Sources. 1,000,000
The county received investments valued at $300,000 as a donation from a grateful citizen. Income from these investments must be used to beautify local parks.
What is the fund financial statement journal entry?
Permanent Fund
Investments. 300,000
Contribution Revenue 300,000
Cash of $120,000 is received from a toll road. This money is restricted for highway maintenance.
What is the government wide financial statement entry?
Governmental Activities
Cash. 120,000
Revenues - Reserved for Highway Maintenance 120,000
A budget is passed for all ongoing activities. Revenue is anticipated to be $834,000 with approved spending of $540,000 and operating transfers out of $242,000.
What is the fund financial statement journal entry?
General Fund
Estimated Revenues. 834,000
Appropriations. 540,000
Estimated Other Financing Uses-Oper. Transfers. 242,000
Budgetary Fund Balance. 52,000
Bonds are sold for $8 million (face value) to finance the construction of the new office building.
What is the fund financial statement journal entry?
Capital Projects Fund
Cash. 8,000,000
Other Financing Sources. 8,000,000
The city print shop did $1,200 worth of work for the school system (but has not yet been paid)
What is the fund financial statement journal entry?
General Fund
Expenditures. 1,200
Due to Internal Service Fund. 1,200
