Government-Wide Financial Statements - CPA Financial Accounting and Reporting (FAR)
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The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
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Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
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Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
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When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
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The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
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Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
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Which basis of accounting is required for a city's government wide financial statements?
Which basis of accounting is required for a city's government wide financial statements?
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The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
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What is the measurement focus and the basis of accounting for the government wide financial statements?
What is the measurement focus and the basis of accounting for the government wide financial statements?
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The government wide financial statements use both the economic resources focus and accrual accounting.
The government wide financial statements use both the economic resources focus and accrual accounting.
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Taxes levied on citizens for infrastructure improvements should be reported in:
Taxes levied on citizens for infrastructure improvements should be reported in:
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Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
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Taxes levied on citizens for infrastructure improvements should be reported in:
Taxes levied on citizens for infrastructure improvements should be reported in:
Tap to reveal answer
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
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The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Tap to reveal answer
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
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Which basis of accounting is required for a city's government wide financial statements?
Which basis of accounting is required for a city's government wide financial statements?
Tap to reveal answer
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
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What is the measurement focus and the basis of accounting for the government wide financial statements?
What is the measurement focus and the basis of accounting for the government wide financial statements?
Tap to reveal answer
The government wide financial statements use both the economic resources focus and accrual accounting.
The government wide financial statements use both the economic resources focus and accrual accounting.
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The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Tap to reveal answer
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
← Didn't Know|Knew It →
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Tap to reveal answer
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
← Didn't Know|Knew It →
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Tap to reveal answer
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
← Didn't Know|Knew It →
Which basis of accounting is required for a city's government wide financial statements?
Which basis of accounting is required for a city's government wide financial statements?
Tap to reveal answer
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
← Didn't Know|Knew It →
What is the measurement focus and the basis of accounting for the government wide financial statements?
What is the measurement focus and the basis of accounting for the government wide financial statements?
Tap to reveal answer
The government wide financial statements use both the economic resources focus and accrual accounting.
The government wide financial statements use both the economic resources focus and accrual accounting.
← Didn't Know|Knew It →
Taxes levied on citizens for infrastructure improvements should be reported in:
Taxes levied on citizens for infrastructure improvements should be reported in:
Tap to reveal answer
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
← Didn't Know|Knew It →
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Tap to reveal answer
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
← Didn't Know|Knew It →
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Tap to reveal answer
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
← Didn't Know|Knew It →
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Tap to reveal answer
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
← Didn't Know|Knew It →
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
Tap to reveal answer
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
← Didn't Know|Knew It →