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CGFM EXAM 2 2022/2023 with 100% correct answers R179,59
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Exam (elaborations)

CGFM EXAM 2 2022/2023 with 100% correct answers
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Non-Spendable Fund Balance Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance Subject to constraints imp...

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  • December 9, 2022
  • 19
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • cgfm exam 2 20222023 with 100 correct answers

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CGFM EXAM 2
Non-Spendable Fund Balance correct answerAssets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees
Restricted Fund Balance correct answerSubject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or federal and
state agencies, creditors, contributors or granting agencies
Three Categories of net position section of the government-wide Statement of Net Position correct answerRestricted, Committed & Assigned
Committed Fund Balance correct answerGoverning body formally committed net resources to specific activities. Contractual obligations outstanding. Board approval of large construction contracts would typically represent commitment of the funds.
Assigned Fund Balance correct answerResidual balances in funds other than the General Fund or in the general fund that are intended for identified purposes
Difference between Committed and Restricted correct answerCommitted constraint is imposed by a government upon itself
GASB standards state that rainy day funds may be classified as committed only under specific circumstances which are correct answerthey are created by a resolution or ordinance that identifies the specific circumstances under which the resources may be expended
Other financing sources consist of correct answertransfers in from other funds and proceeds of long-
term borrowing
Fund Revenues consist of correct answertaxes, charges for services, amounts provided by other entities such as state or federal government Other fund uses correct answerTransfers of cash out of one fund to other funds
To recognize revenue from the General Fund transferred to a debt service fund to record payments of interest and principal on general obligation debt correct answerCredit General Fund Tax Revenue
Debit General Fund Other Financing Uses-Transfers Out
Debit Debt Service Fund Other Financing Sources - Transfer In
Credit Debt Service Fund Expenditures
Fund Budgetary Accounts correct answerEstimated Revenues, Appropriations, Estimated Other Financing Sources, Estimated Other Financing Uses, Encumbrances
Fund Activity Accounts correct answerRevenues, Expenditures, Other Financing Sources, Other Financing Uses
Fund Revenues correct answerTax Revenues, Charges for Services
Fund Expenditures correct answerCurrent, Capital Outlay, Debt Service
Other Financing Sources correct answerTransfers In, Debt Proceeds
Other Financing Uses correct answerTransfers Out
When a PO or Contract is issued as authorized by an appropriation the government recognizes this commitment as correct answerAn encumbrance (not yet a liability)
JE for City Council approves fiscal year budget for General Fund
JE for Financial Statement Accounts correct answerDR Estimated Revenues
CR Appropriations Budgetary Fund Balance is a CR
NONE
JE for City Departments issue PO for goods and services
JE for Financial Statement Accounts correct answerDR Encumbrances Control
CR Budgetary Fund Balance Reserve for Encumbrances (To Establish the Encumbrance)
NONE
JE for Goods and Services are received and invoices are presented for payment
JE for Financial Statement Accounts correct answerDR Budgetary Fund Balance Reserve for Encumbrances
CR Encumbrances Control DR Expenditures (Current)
CR Accounts Payable (to Record the Liability)
Common form of nonexchange transactions correct answertax revenue and intergovernmental grants
Nonexchange transaction eligibility requrements correct answerCharacteristics/Time/Reimbursement/Contingencies-Matching funds
Imposed nonexchange transactions correct answertaxes and other assessments imposed by governemnts not derived from underlying transactions. (Property Tax, special assessments, fines and forfeits)
Deferred taxes are reported as what on the Balance Sheet correct answerReported as deferred inflows of resources
What are deferred taxes correct answerTaxes expected to be received more than 60 days after fiscal year end.

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