Record the budget and a budget revision 5 points             The council of the Town of Washington approved the 2020 budget as follows:               Estimated revenues for 2020:                Property taxes                                                                             $5,000,000                Licenses and permits                                                                  $1,000,000                          Appropriations for 2020:                General government                                                                   $4,600,000                 Public safety                                                                              $1,200,000                 Health and welfare                                                                       $100,000             During 2020, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for the general government by $10,000 and decrease the amount of estimated revenues for the general government by 15,000.  The council approved this budget revision.   Required: Prepare the general journal entry necessary to initially record the budget. Prepare the general journal entry necessary to record the budget revision.

 The City of Aurora increased its revenue budget by $75,000 and the appropriation for the Public Works Department was increased by $100,000.  What is the journal entry to record this event in the General Fund? A. Estimated Revenues         75,000      Fund Balance-unassigned  25,000                     Appropriations            l             100,000 B. Appropriations                 100,000            Estimated Revenues                                              75,000            Budgetary Fund Balance                                         25,000 C. Estimated Revenues              75,000      Budgetary Fund Balance       25,000        Appropriations                                                           100,000 D. Estimated Revenues              75,000                          Appropriations                                        75,000

Which of the following best describes the recommended format for the government-wide statement of activities? A. Program revenues minus expenses minus other revenues and expenses equals change in net position. B. Program revenues plus general revenues minus expenses equals change in net position. C. Program revenues minus expenses plus general revenues equals change in net position. D. Expenses minus program revenues plus general revenues equals change in net position.

The FASAB has the authority to establish accounting and financial reporting standards for: A. State and local governments B. Investor owned business C. Federal government D. Public not-for-profits  

Which of the following is not an objective of federal financial reporting? A. Budgetary Integrity B. Increase Taxpayer Awareness C. Stewardship D. Operating Performance  

Which of the following is not a category of program revenue reported on the statement of activities at the government-wide level? A. General program revenues. B. Charges for services. C. Operating grants and contributions. D. Capital grants and contributions.

Bonus   – 10 points   Required:  Prepare, in good form, a Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the year ended June 30, 2020.     The City of Davis had the following partial list of pre-closing account balances in its General Fund as of June 30, 2020.                 Debits   Credits                               Appropriations Control Budgetary Fund Balance Budgetary Fund Balance — Reserve for Encumbrances Due to Other Funds Encumbrances Control Estimated Other Financing Uses Control Estimated Revenues Control Expenditures Control Fund Balance Other Financing Uses Control-Transfers Out Revenues Control Taxes Receivable-Delinquent Vouchers Payable                                                                                                                                                         107,000   4,846,000 2,788,000   306,000     75,000     ________ 8,122.000            $2,975,000 385,000 107,000 40,000   300,000     272,000   3,768,000     275,000   ———- 8,122,000          

Encumbrance journal entries 5 points Prepare entries in general journal form to record the following transactions in General Fund for fiscal year 2020.                The Town of Calvert had the following transactions. A purchase order was issued for supplies in the amount of $12,000 for supplies. The supplies ordered in #1 were received in the amount of $15,000 and paid in cash. A purchase ordered was issued for furniture in the amount of 35,000. The furniture in # 3 was received and vouchered in the amount of $47,000. The furniture received in # 4 was paid in cash in the amount of $47,000

Which of the following would appropriately be reported in the financial section of a CAFR? A. An MD&A B. Other supplementary information, such as combining and individual fund financial statements C. Notes to the financial statements D. All of the above

Which of the following accounts of a government is credited when a purchase order is submitted or issued? A. Encumbrances.B. Encumbrances Outstanding.C. Vouchers Payable.D. Appropriations.