Payment of salaries
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QUESTION 5
-
Payment of salaries and wages to the staff of the county controller’s office is typically reported in:
a. The general fund
b. An internal service fund
c. A special revenue fund
d. An agency fund
Step by step
Solved in 2 steps
- 42. A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning IndividualBriefly summarize 2–3 accounting and reporting procedures the New York City Police Department uses to ensure the budgeting strategies are effective and transparent.Ch3 5 Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Multiple Choice Depreciation expense. Interfund transfers in. Revenues from property taxes. Expenditures for employee salaries. 6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or False
- Which of the statement is not correct? Question 27Answer a. The budget approval is done by the legislative b. The budget audit is done by the auditor general’s office c. Budget Execution is the job of the executive d. The budget preparation is initiated by the Heads of Departments19 Item 19 Item 19 Which of the following standard-setting bodies requires a management’s discussion and analysis as a part of the financial report? Multiple Choice GASB. FASB. FASAB. Both GASB and FASAB. 20 Item 20 Item 20 On what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.5. Which of the following items is the function of a treasurer? ____ A. cost accounting B. internal control C. capital budgeting D. general ledger
- Ch2 9 In accounting for state and local governments the modified accrual basis is required for Multiple Choice Proprietary and fiduciary funds. Governmental funds. Governmental and fiduciary funds. Governmental and internal service funds. 10 Under the modified accrual basis of accounting, revenues should be recognized when Multiple Choice Earned. Collected in cash. Authorized by the budget ordinance. Measurable and available.Ch4 9 Which of the following accounts would not be closed at the end of each fiscal year? Multiple Choice Fund balance. Estimated revenues. Interfund transfers out. Expenditures. 10 An interfund transfer in should be reported in a governmental fund operating statement as a(an): Multiple Choice Revenue. Due from other funds. Other financing source. Other financing use.T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…
- TRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…Question 5 What role does each of the following departments play: cash receipts, accounts receivable, personnel department and asset acquisition? Be complete.1. Briefly describe the two types of financial statements that government are required to issue under GASB 34 2. Why do governments make a journal entry to record the budget?
