Ch17 - Ch17 Student: _ 1. Under the modified accrual basis...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Ch17 Student: ___________________________________________________________________________ 1. Under the modified accrual basis of accounting, revenue should be recognized when it is A. measurable and earned B. received in cash C. available and earned D. measurable and available 2. Which of the following statements is(are) correct about the funds used by governmental entities? I. Funds are fiscal entities. II. Funds are accounting entities. A. I only B. II only C. I and II D. Neither I nor II 3. On July 25, 2008, the city of Pullman, which reports on a calendar year basis, ordered five police cars at an estimated cost of $200,000. On August 26, 2008, the police cars were received, and the actual cost amounted to $197,000. Pullman encumbered the appropriation for police cars in its general fund when the cars were ordered. When the police cars were received, the general fund of Pullman should A. Credit Budgetary Fund Balance Reserved for Encumbrances for $197,000. B. Debit Encumbrances for $200,000. C. Debit Expenditures for $197,000. D. Credit Budgetary Fund Balance Reserved for Expenditures for $200,000. 4. Which of the following funds should use the accrual basis of accounting? A. Special revenue and capital projects funds. B. Expendable trust and internal service funds. C. Enterprise and nonexpendable trust funds. D. Debt service and agency funds. 5. Which of the following funds should use the modified accrual basis of accounting? A. Capital projects and special revenue funds. B. Nonexpendable trust and agency funds. C. Internal service and enterprise funds. D. Debt service and nonexpendable trust funds. 6. Which of the following funds are classified as fiduciary funds? A. Agency and special revenue funds. B. Internal service and enterprise funds. C. Expendable and nonexpendable trust funds. D. Capital projects and debt service funds.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
7. Which of the following funds are classified as proprietary funds? A. Agency and special revenue funds. B. Enterprise and internal service funds. C. Debt service and capital projects funds. D. Nonexpendable and expendable trust funds. 8. Which of the following funds are classified as governmental funds? A. Internal service and capital projects funds. B. Nonexpendable trust and debt service funds. C. Enterprise and agency funds. D. The general and special revenue funds. 9. Which organization has the authority to establish generally accepted accounting principles for state and local government entities? A. The National Council on Governmental Accounting. B. The Governmental Accounting Standards Board. C. The Financial Accounting Standards Board. D. The Municipal Officers Finance Organization. 10. The City of Ames uses the consumption method to report its inventory of supplies on its general fund balance sheet. What account is debited in the general fund when Ames acquires supplies? A. Expenditures
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/26/2011 for the course ACCT 410 taught by Professor Khalib during the Spring '11 term at Strayer.

Page1 / 26

Ch17 - Ch17 Student: _ 1. Under the modified accrual basis...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online