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ACCT 306 - Chapter 3 Flashcards | StudBud
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ACCT 306 - Chapter 3
ACCT 306 - Chapter 3
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1
The difference between an expenditure and an encumbrance is
An expenditure is the actual amount of an authorized liability
An encumbrance is an expended expenditure.
An encumbrance is the actual amount of an authorized liability
Expenditures are estimates and encumbrances are not.
2
unexpended proceeds of a state grant required by law to be used for health education would be found in which fund?
Unassigned
Restricted
Nonspendable
Committed
3
Residual fund balance after all other net resources have been classified, and rainy day funds typically fall under
Restricted Funds
Committed Funds
Nonspendable Funds
Unassigned Funds
4
All of the following are budgetary accounts except:
appropriations.
estimated revenues.
expenditures.
All of the choices are correct.
5
The modified accrual basis is a distinct system of accounting that
records expenses and revenues in the same way as accrual accounting.
only in its failure to recognize long-term assets and liabilities.
records expenditures and fund balances.
is equivalent to cash-based accounting.
6
What is generally the first step a government takes in acquiring goods or services through the General Fund?
Encumbrance
Expenditure
Requisition order
Appropriation
7
A town applied for a $20k federal grant to supplement school board spending specifically for facility improvements.
this be reported as assigned
this be reported as restricted
this be reported as committed
this be reported as unassigned
8
Revenues earned from assessing a sales tax at a rate of 4.5% is which of the following non-exchange transactions?
Derived tax revenue
Voluntary
Government-mandated
Imposed
9
prepaid insurance would be found in which fund?
Committed
Restricted
Unassigned
Nonspendable
10
A transaction in which a government receives resources without directly giving equal value in exchange is known as a(n):
Not Fair Market Exchange transaction.
Nonexchange Transaction.
Fair Exchange.
Equity Transaction.
