Deck 12 Flashcards Preview

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Flashcards in Deck 12 Deck (20):
1

Encumbrance accounting is used for what type of funds?

Governmental funds

2

Journal Entry to record the budget

DR. Estimated revenue; Cr. appropriations; either dr. or cr. budgetary control

3

Journal entry to close the budget

DR. Appropriations; Cr. Estimated revenue; either DR or CR. budgetary control

4

Debts for fund accounting are considered:

Other financing sources

5

Purchase method vs. consumption method for expenditures

Purchase method: record record current assets as expenditures; current method: record current assets as current assets when purchased

6

Transfers between funds and bond proceeds should be recorded as:

Debit to Other financing uses

7

Classification/hierarchy of governmental expenditures

Function or program, then organizational unit, then activity

8

Assets associated with unavailable revenues should be recorded by crediting:

Deferred inflow of resources

9

Deferred outflow of resources

Consumption of net assets; reported following assets

10

Deferred inflow of resources

Acquisition of net assets; reported following liabilities

11

Money received as a state grant would be recorded as

Revenue

12

In the permanent fund, investments are required to be held at

Fair value

13

Governmental funds

use modified accrual; current items only

14

Fund financial statements; balance sheet:

CA and deferred outflows = CL and deferred inflows + fund balance

15

Which governmental funds do not use encumbrances?

Debt service fund and permanent fund

16

Journal entry to record payment of interest and principal under debt service fund?

Debit: expenditures; Cr. cash

17

Where are long-term items recorded for governmental accounting?

Gov't wide financial statements

18

It is inappropriate to record depreciation expense in what kind of funds?

The governmental funds

19

Term used to identify the equity section in proprietary funds vs. governmental funds:

Proprietary: Net Position; Governmental: Fund Balance

20

Enterprise funds

Used for goods and services that are financed mainly by user charges; hospitals and the lottery