1

1. Which of the following best describes the recommended format for the government-wide statement of activities?

2. Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities?

3. Which of the following accounts neither increases nor decreases the fund balance of the General Fund during the fiscal year?

4. When determining taxable property for the purpose of the property tax levy, which of the following would likely be excluded from the calculation?

5. Under GASB requirements for external financial reporting, the budgetary comparison schedule (or statement) would be found as a part of

6. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. This type of budgetary control is achieved by reviewing:

7. Indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and forfeits (FF), or miscellaneous revenues (M) in a governmental fund.

8. During July, the first month of the fiscal year, the Town of Willingdon issued the following purchase orders and contracts.

Required

1. a-1. Prepare the general journal entry to record the issuance of the purchase orders and contracts. 
2. Show entries in subsidiary ledger accounts.