T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the period in which they become measurable and available to finance expenditures of the period. 30) Uncollectibles, such as taxes, are classified as revenue adjustments in government accounting. 31) Normal practice for governmental accounting is to record expenditures when the related fund liability is incurred under a modified accrual basis. 32) Encumbrance accounting records commitments made for goods on order and for unperformed contracts.
T/F questions
1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services.
2) General governmental activities provide goods and services to citizens without regard to their ability to pay.
3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting.
4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance.
5) Enterprise funds are used to account for business-type activities that serve primarily internal customers.
27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues.
29) Under accrual accounting, revenues are generally recognized in the period in which they become measurable and available to finance expenditures of the period.
30) Uncollectibles, such as taxes, are classified as revenue adjustments in government accounting.
31) Normal practice for governmental accounting is to record expenditures when the related fund liability is incurred under a modified accrual basis.
32) Encumbrance accounting records commitments made for goods on order and for unperformed contracts.
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