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ACCT 34231 Quiz 5 MCQs

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1. Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? A. Choice A B. Choice B C. Choice C D. Choice D 2. Which of the following should not be reported as a liability of the General Fund? A. General obligation bonds payable (due in 10 years). B. Vouchers payable. C. Tax anticipation notes payable. D. Due to federal government. 3. When a computer is ordered by a department of the government, the purchase order should be recorded in the General Fund as a debit to A. Appropriations. B. Equipment. C. Encumbrances. D. Expenditures. 4. The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A. A debit to cash for $792,000. B. A credit to revenues for $792,000. C. A debit to estimated uncollectible current taxes for $8,000. D. A debit to estimated revenues for $800,000. 5. An interfund transfer should be reported in a governmental fund operating statement as a(an) A. Revenue or expenditure. B. Due from or due to other funds. C. Change in fund balance. D. Other financing source or use. 6. Using the information below, what amount should be accounted for in a special revenue fund or funds? A. $1,800,000. B. $2,100,000. C. $3,300,000. D. $5,350,000. 7. The General Fund recorded a liability to the city-owned electric utility (an enterprise fund of the city) for electricity used during the prior month. The journal entry for the General Fund will include A. A debit to Encumbrances. B. A debit to Expenditures. C. A debit to Interfund Transfers Out. D. A debit to Due to Other Funds. 8. Which of the following items would properly be reported on the year-end balance sheet of the General Fund? A. Reserve for encumbrances. B. Revenues. C. Encumbrances. D. Appropriations. 9. On May 1, Vacca City was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include A. A credit to Revenues in the amount of $300,000. B. A credit to Deferred Revenues in the amount of $300,000. C. A debit to Grants Receivable in the amount of $300,000. D. No journal entry will be made until eligibility requirements are met by expending resources for the authorized purpose(s). 10. The city of Grand Marais’ fiscal year ends on June 30. Grand Marais uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Grand Marais received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order? A. Choice A B. Choice B C. Choice C D. Choice D 11. The city of Grand Marais’ fiscal year ends on June 30. Grand Marais uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $6,000. Grand Marais received these supplies on June 2, and the $6,000 invoice was approved for payment. What General Fund journal entry or entries should Grand Marais make on June 2, upon receipt of the supplies and approval of the invoice? A. Choice A B. Choice B C. Choice C D. Choice D 12. During January 2011 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost of $2,200. The entry to record this transaction will require a debit to A. Expenditures2011 in the amount of $2,200. B. Expenditures2010 in the amount of $200. C. Expenditures2011 in the amount of $200. D. Expenditures2010 in the amount of $2,200. 13. Which of the following journal entries should a government use to record $475,000 for police department salaries and wages during a particula

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