In February, X City ordered $550,000 of supplies. On March 17th it received all of the ordered supplies and an invoice of $551,000. Which of the following would be recorded upon receipt of the supplies and invoice? A. Debit Encumbrances for $550,000. B. Debit Encumbrances for $551,000. C. Debit Encumbrances Outstanding for $550,000. D. Debit Encumbrances Outstanding for $551,000.

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  

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.

The FASAB has the authority to establish accounting and financial reporting standards for: A. State and local governments B. Investor owned business C. Federal government D. Public not-for-profits  

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

Which of the following is not a category of program revenue reported on the statement of activities at the government-wide level? A. General program revenues. B. Charges for services. C. Operating grants and contributions. D. Capital grants and contributions.

The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A. A debit to cash for $792,000.B. A credit to revenues for $792,000.C. A debit to estimated uncollectible current taxes for $8,000.D. A debit to estimated revenues for $800,000.

When a city borrows cash short-term in anticipation of the receipt of property tax revenues, which account would it credit? A. Property taxes receivable B. Property tax revenues C. Estimated other financing sources D. Tax anticipation notes payable

Which of the following would appropriately be reported in the financial section of a CAFR? A. An MD&A B. Other supplementary information, such as combining and individual fund financial statements C. Notes to the financial statements D. All of the above

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