TEST BANK for Accounting for Governmental and Nonprofit Entities 17th Edition

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  3-1 TEST BANK for Accounting for Governmental and Nonprofit Entities 17th Edition by Jacqueline Reck, Suzanne Lowensohn, Earl Wilson Completed download: https://testbankarea.com/download/accounting-governmental-nonprofit-entities-17th-edition-test-bank-reck-lowensohn-wilson/    Related Download: SOLUTIONS MANUAL for Accounting for Governmental and Nonprofit Entities 17th edition by Reck Lowensohn Wilson  Chapter 03 Governmental Operating Statement Accounts; Budgetary Accounting   True / False Questions   1.   Fund-based financial statements are intended to provide detailed financial information about the governmental, proprietary, and fiduciary activities of the primary government. True False   2.   Government-wide financial statements include financial information for all governmental, proprietary, and fiduciary funds. True False   3.   The government-wide statement of net position displays the net expense or revenue for each function or program of the government. True False    3-2 4.   Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards. True False   5.   Three categories of program revenues are reported in the statement of activities: charges for services, operating grants and contributions, and capital grants and contributions. True False   6.    All purchases of goods and services and all interfund transfers of the General Fund are recorded as Expenditures. True False   7.   On the government-wide statement of activities, depreciation expense for assets that essentially benefit all functions, such as the city hall, may be reported as a separate line item or on the same line as the General Government or similar function. True False   8.   Expenses represent the costs to purchase goods or services, whereas expenditures represent the costs of a goods or services consumed or expired during the period. True False   9.   Other financing sources increase fund balance in the same manner as revenues. True False   10.   Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances. True False    3-3 11.    All encumbrances must be closed at year-end. True False   12.    An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract. True False   13.   GASB standards require that all state and local governments present a statement of revenues, expenditures, and changes in fund balances-budget and actual for the General Fund and major special revenue funds for which annual budgets have been legally adopted. True False   14.    Available means that a revenue or other financing source is expected to be collected during the current fiscal period or within one month of the fiscal year end. True False   15.   The legal level of budgetary control represents the administrative level at which expenditures may not exceed appropriations without a formal budgetary amendment. True False   16.   Available appropriation is calculated as the difference between appropriations and the sum of expenditures and encumbrances. True False   17.   When goods for which an encumbrance has been recorded are received at an invoiced amount that varies from the amount encumbered, the encumbrance is reversed in the amount of the actual invoiced cost of the goods. True False    3-4 18.    An allotment may be described as an internal allocation of funds on a periodic basis usually agreed upon by the department heads and the chief executive. True False   19.   In the GASB reporting model, extraordinary items and special items must be reported as separate line items below General Revenues in the statement of activities to distinguish these nonrecurring items from normal recurring general revenues. True False   20.   The numerical difference between (1) current assets and deferred outflows and (2) current liabilities and deferred inflows recorded in governmental funds is denoted as net position. True False   21.   Encumbrance accounting is required in the accounting for payroll of governmental funds. True False   22.   When an activity accounted for by the General Fund results in issuance of purchase orders or contracts for goods or services a record must be kept, but no journal entries in the General Fund are necessary. True False   23.    An interim schedule comparing the detail of appropriations, expenditures, and encumbrances should be prepared on an appropriate periodic basis to determine whether appropriations are being expended at the expected rate for the period and for the budget year to date. True False   Multiple Choice Questions  
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