Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Chapter 3, Problem 3.1E
To determine
Identify the correct option for the given statement.
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The Appropriations account of a governmental fund is credited when:
a. The budgetary accounts are closed
b. The budget is recorded
c. Supplies are purchased
d. Expenditures are recorded
A financial plan which serves as a framework of accounts
A. Appropriation act
B. Budget
C. Obligational authority
D. Allotment request
E. Cash disbursement ceiling
Which one of the following equations will yield the available balance in an expenditure subsidiary ledger account?a. Appropriations Expenditures Totalb. Appropriations Encumbrances Balancec. Appropriations Expenditures Total Encumbrances Balanced. Appropriations Expenditures Total þ Encumbrances Balance
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
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- Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forwardDescribe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.arrow_forwardWhich of the following terms refers to a budgetary account, rather than actual account a. Unreserved Fund Balance b. Estimated revenue c. Revenue d. Expenditurearrow_forward
- a. Describe the entries that have been posted to the following accounts after the Change Fund was established. b. How will the balance of Cash Short and Over be reported on the income statement?arrow_forwardPrepare a statement of Revenues, Expenditures, and changes in fund balance for the governemental funds ( the General Fund and special revenue fund financial statements have already been prepared).arrow_forwardfor which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?arrow_forward
- To assist users better comprehend "Transfers in" to the General Fund, describe the types of note disclosures that should be provided..arrow_forwardWhich Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental Fund Balance Sheet B. Government-Wide Statement of Activities C. Statement of Revenues, Expenditure and changes in Fund Balances D. Both A and B choices are true.arrow_forwardWhich file has as its primary purpose to provide historical financial data for comparative financial reports? a. journal voucher history file b. budget master file c. responsibility file d. general ledger history filearrow_forward
- Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forwardWhich basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?arrow_forwardTo assist users better comprehend "Transfers in" to the General Fund, describe the types of note disclosures that need to be made.arrow_forward
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