which of the following is true regarding other financing sources and other financing uses course

Is the sum of revenues and other financing sources more than expenditures?

The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses. B. Expenditures are more than the difference between revenues and the excess of other financing sources over other financing uses.

When is the sum of the fund balance more than expenditures?

The sum of fund balance, revenues, and other financing sources is more than the sum of expenditures and other financing uses. A. The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses. A liability is recorded in governmental funds when: A. Goods or services are ordered.

How do other financing sources increase fund balance?

Other financing sources increase fund balance in the same manner as revenues. Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.

When are financial resources available under the modified accrual basis?

Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the revenue or other financing source is expected to be collected A. Within 60 days after year-end.

What is other financing sources and uses?

Other financing sources and uses include a limited number of special transactions that are used to account for non-operating revenues/receipts and expenditures/disbursements. Included in this financial reporting category are operating transfers and proceeds from debt transactions.

Which of the following is not one of the four classes into which Nonexchange transactions apply?

The four classes of nonexchange transactions include all of the following except: Sales of Services. A Budgetary Comparison Schedule is: required for the General Fund, and for special revenue funds, for which an annual budget has been adopted.

What is the difference between revenue and other financing sources?

The term "revenue" does not encompass all financing sources of Government reporting entities, such as most of the appropriations they receive. These other sources of financing do, however, provide resource inflows to Government reporting entities, so this Statement includes accounting standards for them. 3.

Which of the following items would not appear in a statement of revenues expenditures and changes in fund balances prepared for a governmental fund?

Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Depreciation expense.

What is the major difference between an exchange transaction and a Nonexchange transaction for states and local governments?

State and local governments engage in two kinds of transactions: Exchange and exchange-like transactions in which each party receives and gives up essentially equal values. Non-exchange transactions in which a government gives (or receives) value without directly receiving (or giving) equal value in exchange.

Which of the following items is an example of imposed Nonexchange revenue for a governmental entity?

Which of the following items is an example of imposed nonexchange revenue for a governmental entity? Property taxes.

What is the difference in reporting between program revenues and general revenues?

All revenues are general revenues unless they are required to be reported as program revenues. General revenues are reported in the governmentwide statement of activities after program revenues have been subtracted from functional expenses.

What are revenue source classes?

The types of revenue from each source, (1) local, (2) intermediate, (3) state, (4) federal, and (5) other, are defined and listed below: 1.

What is the difference between encumbrance and expenditure in governmental accounting?

Expenditure control Organizations account for future expenditures by enforcing budgetary controls and monitoring spending. With encumbrance accounting, future payment obligations are recorded in financial documents as projected expenses.

Which of the following items do not appear on the balance sheet of a government fund?

Which of the following would not appear on a governmental fund balance sheet? Bonds payable. Which of the following accounts is a budgetary account of a governmental fund? During the current fiscal period or soon enough after year-end to pay current period obligations.

Which of the following is not a category of program revenue reported on the statement of activities at the government-wide level?

Which of the following is not a category of program revenue reported on the statement of activities at the government-wide level? General program revenues.

Which of the following is considered part of the required supplementary information for general purpose external financial reporting of a local government?

MD&A are a compulsory part of Required Supplementary Information for general purpose external financial reporting of a local government.

Which organization establishes accounting and financial reporting standards for the federal government?

The organization that establishes accounting and financial reporting standards for the federal government is the. Federal Accounting Standards Advisory Board (FASAB). The Governmental Accounting Standards Board (GASB) has the authority to set accounting and financial reporting standards for all of the following except: ...

Why is financial reporting important?

Financial reporting by state and local governments should be useful in making economic, social, and political decisions, and in assessing accountability by: Assisting in determining compliance with finance-related laws, rules, and regulations.

What is a general fund balance sheet?

A General Fund balance sheet differs from a government-wide statement of net position in that: A General Fund balance sheet reports only current assets and liabilities; a government-wide statement of net position reports current and noncurrent assets as well as current and noncurrent liabilities.

What is the role of the Governmental Accounting Standards Board?

The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for: B. State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges. 8.

Do government fund financial statements have to be separate?

Governmental fund and proprietary fund financial statements should provide a separate column for each major fund. Aggregate info about all nonmajor governmental or enterprise funds should be reported in a single column of the governmental or proprietary fund financial statements. Governmental fund financial statements.