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ACCOUNTING FOR GOVERNMENTAL Flashcards | StudBud
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ACCOUNTING FOR GOVERNMENTAL
ACCOUNTING FOR GOVERNMENTAL
10 terms
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StudBud Administration
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A game for advancing your accounting knowledge
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Special Revenue Funds are established to account for specified governmental operations
False
True
2
Modified accrual basis of accounting is appropriate for all governmental funds
True
False
3
Budgetary accounts are "estimated accounts" that are the opposite from real accounts.
False
True
4
A federal grant in financing the education center by a governmental entity are recorded in
general fund
special revenue fund
capital projects fund
internal service fund
5
Types of revenues generally is recognized in the general fund of a governmental entity
Revenues of internal service funds
Receipts from a city-owned parking structure
Interest earned on investments held for retirement
Property taxes
6
Items would be reported as a program revenue on the government-wide statement of activities
Unrestricted federal grants
Sales taxes
Fines and forfeits
Interest and penalties on tax
7
The cash basis of accounting is appropriate for a nonprofit organization's:
Pledges received from potential donors
Salaries expense
Contributions of goods and services
Interest on loans made to students
8
When equipment was purchased with GF resources, which account would be debited in the GF?
Encumbrances
Expenditures
Equipment
9
Modified accrual basis revenues are recognized when they become both measurable and available.
False
True
10
The governmental funds category of a governmental entity include all of the following EXCEPT:
Debt service fund
Capital projects fund
Agency fund
General fund
