NEW QUESTION 14
An agency’s Fund Balance with Treasury is increased by which of the following events?

NEW QUESTION 15
A federal entity would record a payment of a payable in which of the following journal entries?

NEW QUESTION 16
A federal agency received utility bills before the end of the fiscal year. It is the agency’s policy to obligate funds upon receipt of the utility bills and to pay the bills immediately upon receipt. Which set of entries would be made to the budgetary accounts?

NEW QUESTION 17
A legally separate organization for which the elected officials of the primary government are financially accountable describes a

NEW QUESTION 18
Which of the following federal collections are typically accounted for in a deposit fund?

NEW QUESTION 19
A city utilizing a 60-day availability period has a June 30 year-end. It levies property taxes in January that are due in March, which are used to finance the general fund. The city levied S15 million in taxes in the current fiscal year, collecting $12 million during the fiscal year. In addition, the following amounts were collected in the months after year-end:
July $1,000,000
August $ 500,000
September $ 250,000
How much revenue should the general fund recognize for the fiscal year?

NEW QUESTION 20
What organization establishes GAAP for federal agencies?

NEW QUESTION 21
When a new combined government replaces the separate governments of a city and a county, this is an example of

NEW QUESTION 22
A local government is evaluating different financing options for an upcoming capital project. Which of the following debt instruments will typically offer the lowest interest rate?

NEW QUESTION 23
The Prompt Payment Act requires federal agencies to

NEW QUESTION 24
What must a federal agency receive from the U.S. Department of the Treasury before it can begin spending an appropriation?

NEW QUESTION 25
Using the cost recovery method of recognizing revenue, premiums are recognized as revenue

NEW QUESTION 26
When a rural community creates a fire district to serve an area previously served by the county government, and the fire district receives no money or equipment from the county, this is an example of

NEW QUESTION 27
A state department has been developing a new computer system for managing federal grants. The project has the following costs:

What amount should be recorded as the value of the intangible asset?

NEW QUESTION 28
Which account is used to temporarily hold general, special or trust fund federal government collections or disbursements pending clearance to the applicable receipt or expenditure accounts?

NEW QUESTION 29
A special-purpose government is considered a primary government when it has any of the following characteristics EXCEPT that it

NEW QUESTION 30
What is the annual projected sales tax revenue if in nine months the revenue earned is $26.5 million, and no other factors are known?

NEW QUESTION 31
Which of the following events requires both a proprietary and a budgetary accounting entry?

NEW QUESTION 32
If a capital project has an estimated life of 30 years, which financing method is designed to impose the cost of the project on the generation who benefits from it?

NEW QUESTION 33
An agency operates out of a building that is on the Register of Historic Places; the building is classified as a multi-use federal asset. If the agency recently paid to renovate the office space in the building, the cost for the renovation should be treated as a

NEW QUESTION 34
Wasteful year-end spending may be discouraged by including which of the following in the appropriation law?

NEW QUESTION 35
GAAP requires that the ACFR be accompanied by separate financial statements documenting

NEW QUESTION 36
A federal agency should recognize an accounts receivable when

NEW QUESTION 37
What is the entry when rent of $500 is paid?