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Finance

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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.

 

	1. Sales and use taxes levied by the government.   2. Payments by citizens for use of the city pool.   3. Building permits to construct a deck at a residence.   4. Traffic tickets.   5. Federal community development block grant.   6. Donation of bonds to the city by a wealthy resident.   7. Charges to a local university for extra city police protection during sporting events.   8. Barbers and hairdressers’ registration fees.   9. Income from space rented to a not-for-profit organization.   10. A state grant for low-income housing assistance.

 

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

 

General government	$	810,000
Public safety		410,000
Public works		76,000
Health and welfare		66,000
Miscellaneous		26,000
Total purchase orders and contracts	$	1,388,000

  

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.