Essentials of Accounting Chapter 4 Quiz

Question 1

1 out of 1 points

Which of the following accounts of a General Fund would not be closed at year end?

Answers:

Encumbrances.

Appropriations.

Other Financing Sources – Transfer In.

Fund Balance.

Question 2

1 out of 1 points

Expenditures are generally recorded and fund liabilities are recognized

Answers:

When goods and services are received, but only if resources are available in the fund.

When goods and services are received, regardless of whether or not resources are available in the fund.

When purchase orders are issued, regardless of whether or not resources are available in the fund.

When goods and services are received, but only if they are expected to be paid before the end of the fiscal year.

Question 3

1 out of 1 points

Short-term loans which are backed by the taxing power of the governmental unit and used to meet working capital requirements are called:

Answers:

Appropriation loan.

Inter-fund loans.

Other financing sources.

Tax anticipation notes.

Question 4

0 out of 1 points

When supplies ordered by a governmental unit are received at an actual price which is less than the estimated price on the purchase order, the Encumbrance Control account is:

Answers:

Credited for the original estimated price.

Credited for the actual price for the supplies.

Debited for the original estimated price for the supplies

Debited for the actual price on the purchase invoice.

Question 5

1 out of 1 points

Moving cash from the General Fund to a debt service fund for payment of bond interest is an example of a (an)

Answers:

Interfund loan.

Interfund transfer.

Interfund reimbursement.

Quasi-external transaction.

Question 6

1 out of 1 points

Under the modified accrual basis of accounting, property taxes are recorded as deferred inflows if expected to be collected:

Answers:

After fiscal year end.

More than 90 days after...