69.Which of the following would
not
be a nonexchange transaction for a state government?
A)Sales of lottery tickets.
B)Property taxes.
C)Fines and forfeits.
D)Income taxes.
70.Sales taxes, income taxes, and motor fuel taxes are examples of which class of nonexchange transactions?
A) Imposed nonexchange transactions.
B) Derived tax revenues.
C) Government-mandated nonexchange transactions.
D) Voluntary nonexchange transactions.
71.The four classes of nonexchange transactions include all of the following except:
A) Imposed nonexchange revenues.
B) Derived tax revenues.
C) Voluntary nonexchange transactions.
D) Sales of Services.
72.With respect to budgetary reporting by governments, which of the following is
not
true?
A)While GASB standards guide the formatof the comparison, it does not require governments to maintain budgetary accounts.
B)The basis of accounting used to report the “Actual” column in the budgetary comparison schedule is prepared according to legal requirements for budget preparation; even if it is a departure from GASB standards.
C)Budgetary accounts are required to appear in the general purpose financial statements.
D)GASB standards require governments to present a comparison of budgeted and actual results for the General Fund and special revenue funds with legally adopted budgets.
73.The general ledger journal entry in the General Fund to record the adoption of a budget would include:
A)A debit to Estimated Revenues Control
B)A credit toEstimated Other Financing Sources Control
C)A debit to Budgetary Fund Balance-Reserve for Encumbrances
D)A debit to Appropriations Control
74.The general ledger journal entry in the General Fund to record encumbrancesfor the issuance of purchase orders would include:
A)A credit to Encumbrance Control
B)A debit to Expenditures Control
C)A credit to Accounts Payable
D)A credit to Budgetary Fund Balance-Reserve for Encumbrances
75.The general ledger journal entry in the General Fund to record actual expenditures and reversal of the associated encumbrance would include:
A)A debit to Encumbrance Control
B)A credit to Encumbrance Control
C)A debit to Accounts payable
D)A credit to Budgetary Fund Balance-Reserve for Encumbrances
76.Governmental Funds Fund Balance isdisplayed 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
77.According to GASB Statement No. 54 which of the following is an example of a nonspendable fund balance?
A)Resources (such as supplies) that are used in operations rather than converted to cash
B)The corpus of a permanent fund that may not be spent
C)Prepaid insurance
D)All of the above
78.According to GASB Statement No. 54, spendable fund balances aredisplayed inwhich of the following categories?
A)Restricted, Committed, Assigned, Unassigned
B)Restricted, Unrestricted, Assigned, Unassigned
C)Spendable, Assigned, Unassigned
D)Restricted, Unrestricted