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GOVT 407 EXAM 2 2024/2025 WITH 100% ACCURATE SOLUTIONS
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GOVT 407 EXAM 2 2024/2025 WITH 100% ACCURATE SOLUTIONS
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GOVT 407 EXAM 2 2024/2025 WITH 100%ACCURATE SOLUTIONS
What is false regarding the two methods for recording inventories in
governmental funds? - Precise Answer ✔✔The purchases method is
preferable since it requires no adjustment to supplies expense when
preparing the government wide statements
With respect to reimbursement grant accounting, which of the following
is true? - Precise Answer ✔✔Under GASB, revenues are recorded at the
same time that expenditures are incurred
Which of the following is true with respect to interfund loans? - Precise
Answer ✔✔Interfund loan receivables and payables are separately
reported on the balance sheets of the affected funds
Interfund Transfers are flows of cash or other assets that - Precise
Answer ✔✔do not require repayment
Governmental fund financial statements are to be prepared on the -
Precise Answer ✔✔modified accrual basis of accounting
the expenditures account equals the amount of supplies purchased during
a period under which of the following inventory methods? - Precise
Answer ✔✔purchases
, Under which fund type would you debit expenditure when land is
acquired? - Precise Answer ✔✔governmental
When recording property taxes, the estimated uncollectible amount of
property taxes is: - Precise Answer ✔✔recognized as a reduction of
revenue
A local government was awarded a federal grant in the amount of
$800,000 to provide for a summer youth employment program for young
people. The grant was a reimbursement grant and a notification of the
grant award was received on 4/31/17. The local government expended
the resources as follows. The federal gov. sent funds in the month
following the expenditure. What amount is recognized? - Precise
Answer ✔✔250,000
Under modified accrual accounting, revenues are recognized when
measurable and - Precise Answer ✔✔available
a donor pledged $200,000 to the fund raising drive of a local
government to assist its police officers in obtaining the latest technology.
The pledge was made on July 16, 2016, but was conditioned on the
government raising an additional $200,000 from other donors. By the
fiscal year-end of June 30, 2017, the local government had raised only
$5,000 from other donors. What entry would be made for the initial
pledge by the local government during the year ended June 30, 2017? -
Precise Answer ✔✔No entry required
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