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Questions and Answers
What type of transfer involves shifting resources from an existing fund to establish a new fund?
What type of transfer involves shifting resources from an existing fund to establish a new fund?
- Cash transfer
- Debt service transfer
- Residual equity transfer (correct)
- Operating transfer out
In the context described, what happens to the recognition of financial transactions in the new fund created by the transfer?
In the context described, what happens to the recognition of financial transactions in the new fund created by the transfer?
- Recognized as other financing sources (correct)
- Recognized as revenue
- Recognized as liability
- Recognized as expenditure
If a general fund makes an operating transfer out to a debt service fund, which account is credited in the general fund's journal entry?
If a general fund makes an operating transfer out to a debt service fund, which account is credited in the general fund's journal entry?
- Residual equity
- Operating transfer in from debt service fund
- Cash (correct)
- Debt service fund
What is the purpose of making an operating transfer in the context of fund transfers?
What is the purpose of making an operating transfer in the context of fund transfers?
When a general fund makes a permanent transfer to establish an internal service fund, which category of transactions is recognized in the internal service fund?
When a general fund makes a permanent transfer to establish an internal service fund, which category of transactions is recognized in the internal service fund?
What does the recognition of 'other financing sources' indicate for a newly established fund?
What does the recognition of 'other financing sources' indicate for a newly established fund?
What is the rationale for considering appropriations account and estimated other financing use as pseudo liability accounts?
What is the rationale for considering appropriations account and estimated other financing use as pseudo liability accounts?
In the context provided, what is the total amount of estimated other financing uses (EOFU)?
In the context provided, what is the total amount of estimated other financing uses (EOFU)?
What does the term 'Operating transfer out to other funds' refer to in the budget entries?
What does the term 'Operating transfer out to other funds' refer to in the budget entries?
What is the purpose of recording entries in the subsidiary ledger (revenue ledger) according to the solution provided?
What is the purpose of recording entries in the subsidiary ledger (revenue ledger) according to the solution provided?
What would be the impact on the fund balance after recording the budget entries as shown in the solution provided?
What would be the impact on the fund balance after recording the budget entries as shown in the solution provided?
Why are appropriations accounts considered important for governmental units?
Why are appropriations accounts considered important for governmental units?
What action should be taken before signing a purchase order or contract according to the text?
What action should be taken before signing a purchase order or contract according to the text?
Why is the term 'encumbered' used instead of 'expended' in relation to recording appropriations?
Why is the term 'encumbered' used instead of 'expended' in relation to recording appropriations?
What risks do administrators face if they incur liabilities beyond what is appropriated?
What risks do administrators face if they incur liabilities beyond what is appropriated?
Why is it suggested to review each purchase order and contract before signing?
Why is it suggested to review each purchase order and contract before signing?
What does prudence dictate in relation to reviewing purchase orders and contracts?
What does prudence dictate in relation to reviewing purchase orders and contracts?
Why is it important to record that an appropriation has been encumbered?
Why is it important to record that an appropriation has been encumbered?
What is the purpose of quasi external transactions in accounting for inter fund transactions and transfers?
What is the purpose of quasi external transactions in accounting for inter fund transactions and transfers?
In the example provided of a car repair done by the internal service fund for which the general fund was responsible, what was the journal entry for the general fund?
In the example provided of a car repair done by the internal service fund for which the general fund was responsible, what was the journal entry for the general fund?
What should the lending fund do if an inter fund loan is made with the intent of repayment during the current year or soon thereafter?
What should the lending fund do if an inter fund loan is made with the intent of repayment during the current year or soon thereafter?
Which government entity would be remitted the amount of $44,478 based on the information provided?
Which government entity would be remitted the amount of $44,478 based on the information provided?
What is chargeable to the appropriations in the General Fund as per the text?
What is chargeable to the appropriations in the General Fund as per the text?
If an expenditure was recognized in the fund financing the provider department, what type of transaction does this represent?
If an expenditure was recognized in the fund financing the provider department, what type of transaction does this represent?
What does GASBS 34 require in terms of a budget to actual comparison schedule?
What does GASBS 34 require in terms of a budget to actual comparison schedule?
Where is GASBS 34 recommended to place the budget to actual comparison schedule?
Where is GASBS 34 recommended to place the budget to actual comparison schedule?
How does GASBS 34 suggest presenting the budgetary comparison information?
How does GASBS 34 suggest presenting the budgetary comparison information?
What is a key feature of budgets according to the text?
What is a key feature of budgets according to the text?
In what form can a budgetary comparison be presented according to GASBS 34?
In what form can a budgetary comparison be presented according to GASBS 34?
Why are budgetary accounts integrated into general ledgers according to the text?
Why are budgetary accounts integrated into general ledgers according to the text?
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