Questions from Financial Accounting

Q: The governmental fund measurement focus is the determination of /

The governmental fund measurement focus is the determination of

Q: A Budgetary Fund Balance—Assigned for Encumbrances in excess of a

A Budgetary Fund Balance—Assigned for Encumbrances in excess of a balance of Encumbrances Control indicates An excess of vouchers payable over encumbrances. An excess of purchase orders...

Q: Select the correct answer for each of the following questions.

Select the correct answer for each of the following questions. One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a governme...

Q: The Encumbrances Control account of a governmental unit is debited when

The Encumbrances Control account of a governmental unit is debited when Goods are received. A voucher payable is recorded. A purchase order is approved. The budget is recorded....

Q: The following pertains to property taxes levied by Cedar City for the

The following pertains to property taxes levied by Cedar City for the calendar year 20X6: City Cedar should report revenues from property taxes for 20X6 of $700,000 $600,000 $690,...

Q: Oak City issued a purchase order for supplies with an estimated cost

Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount shoul...

Q: For the budgetary year ending December 31, 20X6, Johnson City

For the budgetary year ending December 31, 20X6, Johnson City expects the following inflows of resources in its general fund: In the budgetary entry, what amount should Johnson City record for est...

Q: Encumbrances outstanding at year-end in a state’s general fund should

Encumbrances outstanding at year-end in a state’s general fund should be reported as a Liability in the general fund. Fund balance designation in the general fund. Fund balance re...

Q: Interperiod equity is an objective of financial reporting for governmental entities.

Interperiod equity is an objective of financial reporting for governmental entities. According to the Governmental Accounting Standards Board, is interperiod equity fundamental to public administratio...

Q: W hich of the following statements is correct regarding comparability of governmental

W hich of the following statements is correct regarding comparability of governmental financial reports? Comparability is not relevant in governmental financial reporting. Differences bet...