ACCT 34231 Quiz 5 MCQs

Jun 23rd, 2016
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1. Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? A. Choice A B. Choice B C. Choice C D. Choice D 2. Which of the following should not be reported as a liability of the General Fund? A. General obligation bonds payable (due in 10 years). B. Vouchers payable. C. Tax anticipation notes payable. D. Due to federal government. 3. When a computer is ordered by a department of the government, the purchase order should be recorded in the General Fund as a debit to A. Appropriations. B. Equipment. C. Encumbrances. D. Expenditures. 4. The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A. A debit to cash for $792,000. B. A credit to revenues for $792,000. C. A debit to estimated uncollectible current taxes for $8,000. D. A debit to estimated revenues for $800,000. 5. An interfund transfer sh

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ACCT 34231 Quiz 5 MCQs1. Which of the following financial statement(s) reports both current and noncurrent assets andliabilities?A. Choice AB. Choice BC. Choice CD. Choice D2. Which of the following should not be reported as a liability of the General Fund?A. General obligation bonds payable (due in 10 years).B. Vouchers payable.C. Tax anticipation notes payable.D. Due to federal government.3. When a computer is ordered by a department of the government, the purchase order should berecorded in theGeneral Fund as a debit toA. Appropriations.B. Equipment.C. Encumbrances.D. Expenditures.4. The Town of Ashland levied property taxes in the amount of $800,000. The town estimatesthat 1 percent will be uncollectible. The journal entry to record the tax levy will includeA. A debit to cash for $792,000.B. A credit to revenues for $792,000.C. A debit to estimated uncollectible current taxes for $8,000.D. A debit to estimated revenues for $800,000.5. An interfund transfer should be reported in a governmental fund operating statement as a(an)A. Revenue or expenditure.B. Due from or due to other funds.C. Change in fund balance.D. Other financing source or use.6. Us

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