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NFP Exam 2 ACTUAL Exam Questions and CORRECT Answers

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NFP Exam 2 ACTUAL Exam Questions and CORRECT Answers Acity levies property takes of $1,050,000, but believes that it wil not be able to collect $50,000 of those taxes. What entry should it make when the taxes are levied? - CORRECT ANSWER - Debit: PT Receivable 1,050,000 Credit: Allo...

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  • March 9, 2025
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NFP Exam 2 ACTUAL Exam Questions
and CORRECT Answers
Acity levies property takes of $1,050,000, but believes that it wil not be able to collect $50,000
of those taxes. What entry should it make when the taxes are levied? - CORRECT
ANSWER - Debit: PT Receivable 1,050,000
Credit: Allowance for uncollectible taxes 50,000
Credit: Revenue - PT 1,000,000


A General Fund receives an invoice from the Electric Utility Fund (an Enterprise Fund) for
electricity provided by the Utility Fund. When it receives the invoice, what account should be
debited in the General Fund? - CORRECT ANSWER - Expenditure - utility service


Debit: Expenditure
Credit: Due to


The city council appropriates a portion of the government's current year-end fund balance to
eliminate an anticipated budget deficit in the next year's budget. Projected expenditures are
anticipated to be greater than expected revenues next year.
The appropriated portion of the

current year's fund balance should be reported as - CORRECT ANSWER - Assigned fund
balance


True or False (General Fund):


Supplies may be accounted for as expenditures either when purchased or when consumed. In
either case, material amounts of inventory are shown on the balance sheet. - CORRECT
ANSWER - True


True or False (General Fund):

, Supplies must be accounted for asexpenditures when purchased. Therefore inventories are not
shown on the balance sheet. - CORRECT ANSWER - False


True or False (General Fund):


Supplies must be initially recorded as assets, and then charged off as expenditures as the supplies
are consumed. - CORRECT ANSWER - False


True or False (General Fund):


Supplies may be accounted for as expenditures either when purchased or when consumed. fI the
purchases method is used, inventories are not shown on the balance sheet. - CORRECT
ANSWER - False



What is the purpose of the Debt Service Fund? - CORRECT ANSWER - To account for
resources that are restricted or otherwise limited to pay principal and
interest on general long-term debt


A city keeps its books on a calendar year basis. On April 1, 2013, the city sold $500,000 of 6%
general obligation bonds, payable in semi-annual installments. The first installment, due October
31, 2013 covered interest of $15,000 and principal of $25,000. For the year ended December 31,
2013, how much should the Debt Service Fund report as expenditures? - CORRECT
ANSWER - $40,000


In what circumstance is a Capital Project Fund required to be used in governmental accounting?
- CORRECT ANSWER - When capital projects are at least partially financed by general
obligation bond proceeds


A city issues $5 million of long term general obligation bonds to construct a new fire house. How
and where should the transaction be recorded? - CORRECT ANSWER - As an other
financing source in the capital projects fund

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