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1) Which of the given statements is not needed in financial reports of a not-for-profit entity?

a. Statement of Position.
b. Statement of Restricted Funds.
c. Statement of Activities.
d. Statement of Cash Flows.

2) Review of Annie's books illustrates the following information:

1. $2,500 of outstanding vouchers payable

2. $3,000 of outstanding purchase order amounts

Which of these amounts will you expect to see in a general fund's encumbrance’s account?

a. $500
b. $5,500
c. $2,500
d. $3,000

3) The City of Lakeview accepts its budget on the basis of accounting which allows outstanding purchase commitments to be charged against budget in year that goods are ordered instead of in the year they are received. In the year City ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In Statement of Budget to Actual, the expenditures for supplies will be:

a. $4,000.
b. $4,500.
c. $3,500.
d. $3,000.

4) A county general fund budget comprises budgeted revenues of $600 and budgeted expenditures of $595. Actual revenues for year were $610. To close an Estimated Revenues account at the end of the year

a. Debit Estimated Revenues $10
b. Credit Estimated Revenue $10
c. Debit Estimated Revenues $600
d. Credit Estimated Revenues $600

5) In 2006, a state has the given cash collections related to state income taxes

Payroll withholdings and estimated payments related to 2006 income $ 360

4/15/06 Balance of 2006 (net of $10 refunds) income taxes $ 40
1/15/07 payroll withholdings and estimated payments related to 2006 income $ 30
2/15/07 payroll withholdings and estimated payments related to 2006 income $ 35
3/15/07 payroll withholdings and estimated payments related to 2008 income $ 25
4/15/07 Balance of 2006 (net of $5 refunds) income taxes $ 45

Suppose that state defines available as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the 2006 governmental fund financial statements associated to state income taxes?

a. $465.
b. $405.
c. $430.
d. $400.

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  • Category:- Accounting Basics
  • Reference No.:- M99935

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