Which of the following is true regarding capital projects funds?
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Which of the following is true regarding capital projects funds?
Encumbrances accounting is generally employed.
All budgetary accounts are employed and budget to actual statements are prepared.
No budgetary accounts are used.Encumbrances accounting is not normally employed, but Appropriations are recorded.
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- Which of the following statements is correct? The General Fund, Special Revenue, and Debt Service funds use the modified accrual basis and financial resources focus and the Capital Projects and Permanent funds do not. The General Fund and Special Revenue fund provide budget to actual comparisons and the Capital Projects, Debt Service and Permanent Funds do not. The General Fund and Special Revenue Fund have an indefinite life and the Permanent, Capital Projects and Debt Service have limited lives. The General Fund and Special Revenue funds use encumbrance accounting and the Capital Projects, Debt Service and Permanent funds do not.An internal service fund normally uses which of the following budgetary accounts? Multiple Choice Encumbrances. Estimated Revenues. Appropriations. An internal service fund normally does not use budgetary accounts.Which among the following process is related to fund allocation for different activities? a.Budgeted appropriation b.Disbursement c.Encumbrance d.Reservation
- Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.Which of the following is true regarding the use of Special Revenue Funds? Multiple Choice Special Revenue Funds are appropriate if the sole source of resources are assigned funds. Once a Special Revenue Fund is established, it will continue to be a Special Revenue Fund until all resources are exhausted, even if the only source of funds is transfers from the General Fund. Special Revenue Funds are used whenever a government wishes to segregate income for specific purposes. Special Revenue Funds are used when a substantial portion of the resources are provided by restricted or committed revenue sources..Which of the following terms refers to a budgetary account, rather than actual account a. Unreserved Fund Balance b. Estimated revenue c. Revenue d. Expenditure
- Which of the following is incorrect with respect to fund balances? Multiple Choice Restricted fund balance are net resources of a government fund that are subject to constraints imposed by external parties or by law. Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government’s highest level of authority. Only unassigned fund balances may have a negative balance. Inventory and prepaid items are classified as nonspendable fund balances..A statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True FalseDescribe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.
- The governmental fund financial statements are intended to report on fiscal accountability. True or FalseWhen a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.