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23 Cards in this Set
- Front
- Back
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Describe the journal entry to record an increase in estimated uncollectible property taxes. |
DR: Property Tax Revenues CR: Est. Uncollectible Property Tax |
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What fund is used to accumulate resources and manage expenditures related to major capital projects in government accounting? |
Capital Projects Fund. |
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Describe the journal entry to record levy of property taxes that are to be used to finance the current fiscal year. |
DR: Property Taxes Receivable CR: Est. Uncollectible Property Taxes CR: Property Tax Revenues |
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Describe the journal entry to record receipt of the proceeds from issuance of long-term debt for a government entity. |
DR: Cash CR: Other Financing Sources - Bond Proceeds |
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When is revenue related to expenditure-driven grants recognized for government accounting? |
When the expenditure is made and reimbursement is requested. |
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Describe the journal entry to record purchase of a fixed asset for a government entity. |
DR: Expenditures CR: Cash |
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Describe the journal entry to record levy of property taxes that are to be used to finance thesubsequent fiscal year. |
DR: Property Taxes Receivable CR: Est. Uncollectible Property Taxes CR: Deferred Inflow of Resources |
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Describe the journal entry to record transfer of $10,000 to a Special Revenue Fund from the General Fund (the monies are not expected to be repaid). |
DR: Cash CR: Other Financing Sources |
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Describe the journal entry to record a transfer of $10,000 from the General Fund to a Special Revenue Fund (the amount is not expected to be repaid). |
DR: Other Financing Uses - Transfers-Out CR: Cash |
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What is the basis of accounting used by Special Revenue Funds? |
Modified accrual basis. |
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What fund and entry is required to record receipt of an endowment where the earnings are to be expended on a public purpose? . |
Permanent Fund:DR: Cash CR: Revenues - Endowment Principal |
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When is interest expense on general long-term debt accrued in a debt service fund? |
When the interest payment is due (i.e., on the due date). |
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Describe the journal entry to record payment of matured debt principal in a debt service fund. |
DR: Expenditures-Principal CR: Bonds Payable |
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Describe the journal entry to record receipt of grant monies that must be used to finance construction of a major capital project (no other eligibility restrictions apply). |
DR: Cash CR: Revenues - Grants |
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What is the primary function of the debt service fund in governmental accounting? |
Payment of interest and principal on general long-term debt. |
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When is revenue related to grants, entitlements, shared revenues, etc., that are subject to purpose restrictions recognized for government accounting? |
When the resources are measurable (that is, revenue recognition is not deferred solely because of a purpose restriction). |
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What account is credited when general fund revenues are received before they are legally due? |
Deferred inflow of resources. |
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Describe the accounting treatment of gains on the sale of investments that are part of the endowment principal for government accounting. |
The gain is added to the endowment principal; it is not expendable. |
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Describe the journal entry to record payment of interest expense now due in a debt service fund. |
DR: Expenditures-Interest CR: Bonds Payable |
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Describe the journal entry to record receipt of resources transferred by the general fund to a debt service fund when repayment is not expected. |
DR: Cash CR: Other Financing Sources - Transfers-In |
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What fund generally receives any remaining resources when a Capital Projects Fund is closed? |
Debt Service Fund. |
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Describe the journal entry to record a short-term loan for $10,000 by the general fund to a Special Revenue Fund. |
DR: Due from Special Revenue Fund CR: Cash |
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Describe the journal entry to record a long-term loan of $10,000 by the General Fund to a Special Revenue Fund. |
DR: Advances to Special Revenue Fund CR: Cash |
