Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

CFO Exam > Journal Entries > Flashcards

Journal Entries Flashcards

State of NJ - CFO Journal Entries All Funds (51 cards)

Start Studying
1
Q

Current Fund

Current Year Tax Levy

Amount to be Raised 3,000,000
County Taxes Payable 4,000,000
School Taxes Payable 5,000,000
12,000,000

A

Dr Current Year Taxes Rec 12,000,000
Cr Reserve for CY Taxes 12,000,000
TO RECORD CY TAX LEVY

Dr Amount to be raised 9,000,000
Cr County Taxes Payable 4,000,000
Cr School Taxes Payable 5,000,000
REC CTY & SCHOOL TAXES PAYABLE

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

Current Fund

To Record Senior Citizen & Veteran Deductions per Tax Duplicate

A

Dr Due from St of NJ S/C & Vet XXX
Cr CY Taxes Rec XXX
Record S/C & Vet Deductions per tax duplicate

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

Current Fund

Capital Improvement Fund not paid over at year end

A

Dr Bud Approp: CIF XXX
Cr Due to Capital Fund XXX
To record interfund payable

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

Current Fund

To record Tax Overpayment at year end

A

Dr CY Taxes Receivable XXX
Cr Tax Overpayments XXX
To record tax overpayments at year end

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

Current Fund

Tax overpayments applied by resolution (example $8,000.00)

A

Dr Tax overpayments $8,000
Cr CY Taxes Rec $8,000
To Apply Tax Overpayments

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

Current Fund

2012 Annual Tax Sale

2011 taxes struck off to mun. 20,000
Interest & Costs 3,000

A

Dr TTL 23,000
Dr Res for CY Taxes Rec 20,000
Cr Res for TTL 23,000
Cr 2011 Taxes Rec 20,000
To record 2012 Tax Sale

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

Current Fund

County Tax Board Tax Appeals Judgements Cancelled - Current year taxes

A

Dr Reserve for CY Taxes XXX
Cr CY Taxes Rec XXX
To record County Tax Board Judgements

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

Current Fund

To Record Emergency Appropriation

A

Dr Deferred Charge: Emg Auth XXX
Cr Bud Approp - All Accts XXX
To record emergency Appropriation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Current Fund

Current Year Taxes Accrued to Tax Title Liens at year end

A

Dr Tax Title Liens XXX
Dr Res for CY Taxes XXX
Cr Res for TTL XXX
Cr CY Taxes Rec XXX
Current year taxes accrued to tax title liens

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

Current Fund

Apply Prepaid Taxes

A

Dr Prepaid Taxes XXX
Cr CY Taxes Rec XXX
To apply prepaid taxes

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

Current Fund

Reserve for Uncollected Taxes

A

Dr Bud Approp: RUT XXX
Cr Amt to be raised XXX
To charge budget for RUT

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

Current Fund

Charge Budget for Emergency Authorization Raised in Budget

A

Dr Bud Approp: Def Chg-EA XXX
Cr Def Chg: Emg Auth XXX
To Charge Budget for Emergency Authorization Raised in Budget

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

Current Fund

Lapse Appropriated Reserve

A

Dr Appropriated Reserve XXX
Cr Budget Operations XXX
To lapse appropriated reserve

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

Current Fund

To record Appropriated Reserve

A

Dr Budget Approp: All Accts XXX
Cr Appropriated Reserves XXX
To Record Appropriated Reserves

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

Current Fund

Settle Interfunds at year end

A

Dr Due From….. XXX
Cr Budget Operations XXX
To settle interfunds

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

Current Fund

Prepare J/E to record the total revenue realized from Current Year Tax collections:

Calculations:
\+ Prepaids
\+ SC & Vet Ded
- O/P refunded
- overpayments
\+ cash receipts
= total revenue
A

Dr Res for CY Taxes Rec XXX
Cr Amt to be raised XXX
To realize CY tax revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Current Fund

Prepare J/E to record the total revenue Realized from the Prior Year Tax collection

Calculation:
YE overpayments
Overpayments refunded
PY cash receipts
TTL cash receipts
=Total Revenue
A

Dr Reserve for PY Taxes XXX
Dr Reserve for TTL XXX
Cr Rec from Delq Taxes XXX
Realize Prior Year Taxes Receivable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Current Fund

Close Budget Operations (credit balance)

A

Dr Budget Operations XXX
Cr Fund Balance XXX’
Close budget operations to fund balance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Current Fund

Close Budget Operations (debit balance)

A

Dr Def Chg: Deficit in Operations XXX
Cr Budget Operations XXX
Close deficit in operations to def chgs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Sheet 25

Reserve for Uncollected Taxes

A
  1. General Appropriations
  2. +School
    +County
    +Special Districts
    • anticipated revenues
  3. =General Approp & Other Taxes
  4. diveded by Tax collection %
  5. =Total Tax Levy

Total Tax Levy
Less - total general approp & other taxes =RUT

Mun Budget Approp
+RUT
Less Revenues
=Amt to be raised

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Capital Fund

Current Fund Raised for Bond Principal

Study These Flashcards
A

Dr General Serial Bonds XXX
Cr Def Chg to Future Taxation
Funded - (Project) XXX
To Record Retirement of Bond Principal

22
Q

Capital Fund

Current Fund Raised for BANS (retirement)

Study These Flashcards
A

Dr BANS XXX
Cr Def Chg to Future Taxation
Unfunded - (Project) XXX
To record retirement of BANS

23
Q

Capital Fund

General Improvement Ordinance

Financing : Capital Improvement Fund

Study These Flashcards
A

Dr Capital Improvement Fund XXX
Cr Imp Auth - Funded XXX
To record ordinance for………….

24
Q

Capital Fund

General Improvement Ordinance

Financing: Capital Improvement Fund
Fund Balance

Study These Flashcards
A

Dr Capital Improvement Fund XXX
Dr Fund Balance XXX
Cr Imp Auth: Funded XXX
To record ordinance for ……………..

25
Capital Fund General Improvement Ordinance Financing: Capital Improvement Fund Bonds & Notes authorized NYI
Dr Capital Improvement Fund XXX Dr Def Chg to future taxation: Unfunded (project) XXX Cr Imp Auth: Funded XXX Cr Imp Auth: Unfunded XXX ------------------------------------------------------------- Dr Est Proceeds B&NANYI XXX Cr Proceeds B&NANYI XXX to record memo entry
26
Capital Fund CY Budget Includes a line item - Deferred Charge to Future Taxation - Unfunded - Improvement Costs - Project
Dr Proceeds B&NANYI XXX Cr Est Proceeds B&NANYI XXX To Reverse memo entry for _________
27
Capital Fund General Serial Bonds were issued for (project). Proceeds were not received until 12/10/12. Accrued interest of $250 & premium $750 was paid to Town by lending institution.
Dr Def Chg to future taxation: Funded (Project) XXX Dr Imp Auth - Unfunded XXX Cr Def Chg to future taxation: Unfunded (Project) XXX Cr Imp Auth: Funded XXX To record perm Financing for ___________
28
Capital Fund Bond Anticipation Notes issued
Dr Proceeds B&NANYI XXX Cr Est proceeds B&NANYI XXX To reverse memo entry
29
Capital Fund Cancelled Unexpended Balances Funded By Capital Improvement Fund
Dr Imp Auth - Funded XXX Cr Capital Imp Fund XXX' To record Cancellation of Ord for ___________
30
Capital Fund Cancelled Unexpended Balances Funded by CIF & Fund Balance
Dr Imp Auth: Funded XXX Cr Fund Balance XXX to record Cancellation of Ord for ____________
31
Utility Capital Improvement Fund Was Not Remitted to Capital at Year End
Dr Bud Approp: CIF XXX Cr Due to Capital Fund XXX' To record Interfund
32
Utility Rent Levy
Dr Consumer A/R XXX Cr Reserve Consumer A/R XXX' To Record Rent Billings
33
Utility 2012 Tax Sale Rents $5,000.00 Int & Costs $ 500.00
Dr Liens 5500.00 Dr Res for Consumer A/R 5000.00 Cr Reserve for Liens 5500.00 Cr Consumer A/R 5000.00 Annual tax sale struck off to municipality
34
Utility To Adjust Inventory
Dr Inventory XXX Cr Res for Inventory XXX To adjust inventory
35
Utility Rents levied during the year accrued to liens at year end
Dr Liens XXX Dr Reserve for Consumer A/R XXX Cr Reserve for Liens XXX Cr Consumer A/R XXX Record billings accrued to liens
36
Utility Emergency Authorization
Dr Def Chg: Emg Auth XXX Cr Budget Approp XXX To record emergency authorization
37
Utility Accrued Interest on Notes
Dr Bud Approp: Debt Service Int XXX Cr Accrued Interest on Notes XXX To Charge Budget & Rec Accrued Interest
38
Utility Capital Utility Operating Debt Service Payment for Serial Bond
Dr Serial Bonds XXX Cr Res for Amortization XXX To record retirement of bond principal
39
Utility Capital Capital Ordinance Funding: Capital Improvement Fund
Dr Fixed Capital Auth & Uncomp: Project XXX Dr Capital Improvement Fund XXX Cr Imp Auth: Funded XXX Cr Res for Def Amortization XXX To record Ordinance for ___________
40
Utility Capital Capital Ordinance Funding: Capital Improvement Fund Bonds & Notes Authorized
Dr Fixed Capital Authorized & Uncomplete (Project Name) (full amt of proj) XXX Dr Capital Improvement Fund XXX Cr Imp Auth: Funded XXX Cr Imp Auth: Unfunded XXX Cr Res for Def Amortization XXX ------------------------------------------------------- Dr Est Proceeds B&NANYI XXX Cr Proceeds B&NANYI XXX
41
Utility Capital Fixed Capital Was Purchased from Utility Operating Fund Budget Appropriation for Capital Outlay
Dr Fixed Capital XXX Cr Reserve for Amortization XXX To record capital outlay expense
42
Utility Capital To Record Completed Project
Dr Fixed Capital XXX Dr Reserve for Def Amort XXX Cr Fixed Capital Auth & Uncomplete XXX Cr Reserve for Amortization XXX To record completed project
43
Current Fund Record added / Omitted taxes and related liabilities
Dr CY Tax Rec xxx Cr Res for Cy Tax Rec xxx To record added / omitted taxes Dr Amt to be raised by taxation xxx Cr County taxes payable xxx To record county taxes payable
44
% of collections calculation
Total Rev realized from CY tax Coll (divided by) Total Levy (levy + added/omitted) = % of collections
45
Results from taxes surplus or deficit?
``` Calculation: Amt to be raised +added / omitted +CY local purpose tax =Total tax levy less: total revenue (local tax purpose) less: RUT = (credit balance = surplus) = (debit balance = deficit) ```
46
Sheet 26 - Schedule of Delq taxes and TTL
``` DR Cr 1. Balance xx A. Taxes xx B. TTL xx 2. Cancelled A. Taxes xx B. TTL xx 4. Added Taxes xx 6.Tax to Liens xx Liens from tax xx 7. Bal before cash xx Totals xx xx 9. balance down xx 10. collected xx A. Taxes xx B. TTL xx 11. I&C Tax sale xx 12. CY trans to TTL xx 13. CY Taxes xx 14. YE Balances xx A. Taxes xx B. TTL xx Totals xx xx ``` Divide 10 by 9 = % Multiply 14 * % = Max amt to be anticipated in next year
47
Total Tax Rate
Total Tax Levy (divided by) Net Valuation Table X 100 41,593,909/1,444,550,013*100=2.879
48
Municipal Tax Rate
Amt to be raised by Taxation (divided by) net valuation table X 100 Mun Bud Apporp +RUT -Anticipated Rev +Amt to be raised 8,723,909 / 1,444,550,013 * 100 = 0.604
49
Average residential property value
From net valuation table Residential value (divided by) # of residential properties 779,815,000 / 2689 = $290,002
50
Total Tax Levy on Average Residential Tax Payer
Total tax rate X Avg residential property value / 100 2.879 X 290,002 / 100 = $8,349
51
Average municipal tax levy for residential tax payer
Municipal tax rate X avg residential property value / 100 0.604 x 290,002 / 100 = $1,752

CFO Exam (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions