The Budgetary Fund Balance -- Reserve for Encumbrances account is properly considered to be a(an): Multiple...
The Budgetary Fund Balance -- Reserve for Encumbrances account is properly considered to be a(an):
Multiple Choice
-
current liability.
-
expenditure.
-
long-term liability.
-
None of the choices is correct
Homework Answers
Budgetary account does not appear in any of the financial statements and budgetary fund balance is a budget account, thus the answer is:-
d) None of the choices is correct
Add Answer to:
The Budgetary Fund Balance -- Reserve for Encumbrances account
is properly considered to be a(an):
Multiple...
Fund Balance with Treasury is an example of which type of federal government account? Budgetary Account...
Fund Balance with Treasury is an example of which type of federal government account? Budgetary Account Proprietary Account A) Yes Yes B) No Yes C) Yes No D) No No Multiple Choice A) D) C) B)
The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as...
The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...
The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017:...
The following is a pre-closing trial balance for the Village of Lake Augusta’s general Fund as of December 31, 2017: Debits Credits Accounts payable 6,800 Appropriations 160,000 Budgetary fund balance 38,000 Budgetary fund balance: reserve for encumbrances 5,000 Cash 116,500 Deferred revenues: property taxes 3,000 Due to other funds 5,000 Encumbrances 5,000 Estimated other financing sources 8,000 Estimated other financing uses 10,000 Estimated revenues 200,000 Estimated uncollectible taxes 2,000 Expenditures 154,000 Fund balance 54,700 Other financing sources 10,000 Other financing...
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June...
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June 30, 2019. Debits Credits $3,675,000 385,000 111,000 60,000 107,000 290,000 Appropriations Control Budgetary Fund Balance Budgetary Fund Balance - Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable 3,860,000 3,405,000 272,000 315,000 3,968,000 85,000 275,000 Required:...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits...
The City of Morganville had the following pre-closing account balances in its General Fund as of April 30, 2017. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous year. Assume that encumbrances do not lapse and that the City failed to make the journal entry(s) necessary to re-establish the encumbrance in the current year. Required: Prepare all...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...
The following transactions occurred during the 2020 fiscal year
for the City of Evergreen. For budgetary purposes, the city reports
encumbrances in the Expenditures section of its budgetary
comparison schedule for the General Fund but excludes expenditures
chargeable to a prior year’s appropriation.
The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes
$
1,943,000
Licenses and permits
372,000
Intergovernmental revenue
397,000
Miscellaneous revenues
62,000
Total estimated revenues
2,774,000
Appropriations:
General government
471,000
Public safety
886,000...
The Town of St. John decided to establish an internal service fund to account for the...
The Town of St. John decided to establish an internal service fund to account for the operations of a Print Shop. The Print Shop is to begin operations on October 1, 2020 the first day of the City's fiscal year. During the fiscal year ended September 30, 2021 the following transactions occurred: The General Fund made a permanent contribution of $100,000 and a long term advance of $250,000 to the Print Shop Fund. The advance is to be repaid by...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Which of the following is correct regarding the recording of long-term debt in an enterprise fund?...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
· The City of Troutman had the following partial list of pre-closing account balances in its General Fund as of June 30, 2019. Debits Credits $3,675,000 385,000 111,000 60,000 107,000 290,000 Appropriations Control Budgetary Fund Balance Budgetary Fund Balance - Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable 3,860,000 3,405,000 272,000 315,000 3,968,000 85,000 275,000 Required:...
4) A properly prepared schedule of revenues, expenditures, and changes in fund halar budget and actual will include which of the following columns? A) Actual revenue and expenditure amounts on the GAAP basis. B) Actual revenue and expenditure amounts on the budget basis. C) Encumbrances outstanding at year-end. D) Unexpended appropriations. 5) Which of the following would properly be reported in the operating statement of a governmental fund? A) Interest on a tax anticipation note issued and repaid during the...
The following transactions occurred during the 2020 fiscal year
for the City of Evergreen. For budgetary purposes, the city reports
encumbrances in the Expenditures section of its budgetary
comparison schedule for the General Fund but excludes expenditures
chargeable to a prior year’s appropriation.
The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes
$
1,943,000
Licenses and permits
372,000
Intergovernmental revenue
397,000
Miscellaneous revenues
62,000
Total estimated revenues
2,774,000
Appropriations:
General government
471,000
Public safety
886,000...
The Town of St. John decided to establish an internal service fund to account for the operations of a Print Shop. The Print Shop is to begin operations on October 1, 2020 the first day of the City's fiscal year. During the fiscal year ended September 30, 2021 the following transactions occurred: The General Fund made a permanent contribution of $100,000 and a long term advance of $250,000 to the Print Shop Fund. The advance is to be repaid by...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
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