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1. Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)? Student Answer: Management’s Discussion and Analysis Budgetary Comparison Schedule Schedule of Risk Management Activities All of the above Chapters 1 and 2 Student Answer: Governmental type funds Proprietary funds Fiduciary funds All of the above Instructor Explanation: Chapter 2 3. Question : (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as Student Answer: a credit to Surplus Revenues, $600,000. a debit to Estimated Excess Revenues, $600,000. a credit to Budgetary Fund Balance, $600,000. a memorandum entry only. Instructor Explanation: Chapter 3 4. Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? Student Answer: Special Revenue Funds may be used when a government wishes to segregate income for specific purposes. 5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets? Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities. |
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1. Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)? Student Answer: Management’s Discussion and Analysis Budgetary Comparison Schedule Schedule of Risk Management Activities All of the above Chapters 1 and 2 Student Answer: Governmental type funds Proprietary funds Fiduciary funds All of the above Instructor Explanation: Chapter 2 3. Question : (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as Student Answer: a credit to Surplus Revenues, $600,000. a debit to Estimated Excess Revenues, $600,000. a credit to Budgetary Fund Balance, $600,000. a memorandum entry only. Instructor Explanation: Chapter 3 4. Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? Student Answer: Special Revenue Funds may be used when a government wishes to segregate income for specific purposes. 5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets? Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities. |
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Click the link and download this product
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1. Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)? Student Answer: Management’s Discussion and Analysis Budgetary Comparison Schedule Schedule of Risk Management Activities All of the above Chapters 1 and 2 Student Answer: Governmental type funds Proprietary funds Fiduciary funds All of the above Instructor Explanation: Chapter 2 3. Question : (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as Student Answer: a credit to Surplus Revenues, $600,000. a debit to Estimated Excess Revenues, $600,000. a credit to Budgetary Fund Balance, $600,000. a memorandum entry only. Instructor Explanation: Chapter 3 4. Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund? Student Answer: Special Revenue Funds may be used when a government wishes to segregate income for specific purposes. 5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets? Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities. |