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Questions and Answers
What was the total amount of purchase orders and contracts issued by Johnson City?
What was the total amount of purchase orders and contracts issued by Johnson City?
- $800,000
- $650,000 (correct)
- $600,000
- $700,000
In the general journal entry provided, what account is credited?
In the general journal entry provided, what account is credited?
- Public safety
- Encumbrance
- Reserve for encumbrance (correct)
- General government
What is the purpose of recording encumbrances?
What is the purpose of recording encumbrances?
- To estimate future expenses
- To calculate total revenue
- To track budgeted amounts for goods and services ordered but not yet received (correct)
- To record actual expenditures
If the goods and services are received in the subsidiary ledger exactly as recorded, what will be the total amount in the subsidiary ledger after receipt?
If the goods and services are received in the subsidiary ledger exactly as recorded, what will be the total amount in the subsidiary ledger after receipt?
Which ledger account specifically tracks encumbrances in the given scenario?
Which ledger account specifically tracks encumbrances in the given scenario?
What is the purpose of creating a subsidiary ledger in this context?
What is the purpose of creating a subsidiary ledger in this context?
Where do resources of the General Fund and special revenue funds come from?
Where do resources of the General Fund and special revenue funds come from?
How do special revenue funds differ from the General Fund in terms of existence?
How do special revenue funds differ from the General Fund in terms of existence?
What type of resources are typically transferred to capital projects funds from the General Fund or special revenue funds?
What type of resources are typically transferred to capital projects funds from the General Fund or special revenue funds?
Which accounts belong to the Balance Sheet account classification in governmental unit accounting?
Which accounts belong to the Balance Sheet account classification in governmental unit accounting?
What is the main purpose of the General Fund account?
What is the main purpose of the General Fund account?
Which accounts fall under Operating Statement Accounts in governmental unit accounting?
Which accounts fall under Operating Statement Accounts in governmental unit accounting?
What does GASBS 34 recommend in terms of providing budget to actual comparison schedules?
What does GASBS 34 recommend in terms of providing budget to actual comparison schedules?
How are budgetary accounts integrated into the general ledgers of the General Fund and special revenue funds?
How are budgetary accounts integrated into the general ledgers of the General Fund and special revenue funds?
What is the purpose of a budgetary comparison statement according to GASBS 34?
What is the purpose of a budgetary comparison statement according to GASBS 34?
In what format does GASBS 34 allow governments to report budgetary comparison information?
In what format does GASBS 34 allow governments to report budgetary comparison information?
What type of funds are required by state laws to adopt a budget according to the text?
What type of funds are required by state laws to adopt a budget according to the text?
What schedule should follow immediately after the notes to the financial statements as per GASBS 34 recommendations?
What schedule should follow immediately after the notes to the financial statements as per GASBS 34 recommendations?
What is the main difference between payroll accounting in a governmental fund and a for-profit entity?
What is the main difference between payroll accounting in a governmental fund and a for-profit entity?
Why does the text mention that encumbrances are usually not recorded for recurring expenditures such as payroll?
Why does the text mention that encumbrances are usually not recorded for recurring expenditures such as payroll?
In the provided illustration, what was the total amount of deductions from the gross pay of employees for the month of January 2008?
In the provided illustration, what was the total amount of deductions from the gross pay of employees for the month of January 2008?
What does FICA stand for in the context of payroll accounting mentioned in the text?
What does FICA stand for in the context of payroll accounting mentioned in the text?
When recording employer's payroll costs, which account is credited according to the text?
When recording employer's payroll costs, which account is credited according to the text?
What is credited when recording withholdings from employees' pay in payroll accounting as per the text?
What is credited when recording withholdings from employees' pay in payroll accounting as per the text?
In accounting for inter-fund transactions, quasi external transactions involve:
In accounting for inter-fund transactions, quasi external transactions involve:
If a car repair of $2,000 was done by the internal service fund (ISF) for which the general fund was responsible, what would be the correct journal entry?
If a car repair of $2,000 was done by the internal service fund (ISF) for which the general fund was responsible, what would be the correct journal entry?
What type of transactions are inter-fund loans?
What type of transactions are inter-fund loans?
When a loan must be repaid during the current year or soon thereafter, how should the lending fund record it?
When a loan must be repaid during the current year or soon thereafter, how should the lending fund record it?
What should the borrowing fund record when receiving an inter-fund loan?
What should the borrowing fund record when receiving an inter-fund loan?
Which type of transactions involve sales and purchases of goods and services between two funds?
Which type of transactions involve sales and purchases of goods and services between two funds?
