Author: Anonymous

When the budget for the General Fund is recorded, the required journal entry will include: A. A credit to Estimated Revenues. B. A debit to Encumbrances. C. A credit to Appropriations. D. A credit to Fund Balance.

The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. Seminole County utilizes the budgetary accounts required by GASB standards. The journal entry to record budgeted appropriations will include: A. A credit to Appropriations, $12,900,000. B. A credit to Encumbrances, $12,900,000. C. A debit to Estimated Expenditures, $12,900,000. D. A credit to Budgetary Fund Balance, $12,900,000.

 Governmental Funds Fund Balance is displayed in which of the following categories? A. Nonspendable, Spendable, Assigned, Unassigned B. Nonspendable, Restricted, Unrestricted C. Restricted, Unrestricted, Assigned, Unassigned D. Nonspendable, Restricted, Committed, Assigned, Unassigned

Record the budget and a budget revision 5 points             The council of the Town of Washington approved the 2020 budget as follows:               Estimated revenues for 2020:                Property taxes                                                                             $5,000,000                Licenses and permits                                                                  $1,000,000                          Appropriations for 2020:                General government                                                                   $4,600,000                 Public safety                                                                              $1,200,000                 Health and welfare                                                                       $100,000             During 2020, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for the general government by $10,000 and decrease the amount of estimated revenues for the general government by 15,000.  The council approved this budget revision.   Required: Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.

Calculate fund balance as of June 30, 2020:  5 points   What is the ending fund balance as of June 30, 2020?         Debits   Credits   Cash $ 116,500           Taxes Receivable—Current   29,000           Allowance for Uncollectible Current Taxes         $ 3,000   Accounts Payable           7,800   Due to Other Funds           5,500   Tax Anticipation Notes Payable           50,000   Fund Balance—Unassigned           70,200   Budgetary Fund Balance           1,000   Estimated Revenues   100,000           Revenues           102,000   Appropriations           99,000   Expenditures   93,000           Totals $ 338,500     $ 338,500  

Which of the following is not an objective of federal financial reporting? A. Budgetary Integrity B. Increase Taxpayer Awareness C. Stewardship D. Operating Performance  

Prepare the closing entries 5 points   At the end of the fiscal year, budgetary and operating statement accounts of the general fund of York City had the following balances: Appropriations $6,224,000; Estimated Other Financing Uses $2,776,000; Estimated Revenue $7,997,000; Expenditures $6,192,000; Other Financing Uses $2,770,000; and Revenues $7,980,000 Show in general journal form the entry to close all the preceding accounts that should be closed as of the end of the fiscal year.

Record the journal entries 5 points   Prepare entries in general journal form to record the following transactions in General Fund for fiscal year 2020.    The legal budget for the year provided for $5,000,000 of estimated revenues and $4,960,000 appropriations. Purchase orders were issued for supplies in the amount of $210,000. Property taxes were levied in the amount of $3,300,000. It is estimated that 2 percent of the taxes will not be collected. Supplies ordered in #b were received and invoice was paid in cash in the amount of $220,000. Collections of current property taxes amounted to $2,950,000.    

A city government collects local option gasoline taxes legally restricted to pay for a new bridge construction.  Which fund should account for the receipt of the gasoline taxes? A. Special revenue fund B. Capital projects fund C. Private-purpose trust fund D. General fund

Bonus   – 10 points   Required:  Prepare, in good form, a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the year ended June 30, 2020.     The City of Davis had the following partial list of pre-closing account balances in its General Fund as of June 30, 2020.                 Debits   Credits                               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                                                                                                                                                         107,000   4,846,000 2,788,000   306,000     75,000     ________ 8,122.000            $2,975,000 385,000 107,000 40,000   300,000     272,000   3,768,000     275,000   ———- 8,122,000