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Proprietary funds:
More than one statement above is true.
Are required to integrate budgetary accounts into their accounting system.
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- Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?Which of the following is true regarding capital projects funds? Multiple Choice Encumbrances accounting is generally employed. All budgetary accounts are employed and budget to actual statements are prepared. No budgetary accounts are used. Encumbrances accounting is not normally employed, but Appropriations are recorded.Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c. Voucher payable d. Unreserved fund balance
- An internal service fund normally uses which of the following budgetary accounts? Multiple Choice Encumbrances. Estimated Revenues. Appropriations. An internal service fund normally does not use budgetary accounts.Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and sub-systems are listed below. Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. 1. Program Based Budgeting (PBB) 2. Payroll & HuRMIS (PSC) 3.CS-DMRS (DMD-MOF) 4.E-Monitor (Non-Tax Revenue-MoF) 5. PIMS (PID-MoF) 6. TRIPS & GCMS (GRA) 7. T-24& SWIFT (BoG) 8. E-Procurement (Public Procurement Authority)
- Which of the following statements is the intended goal or outcome of a traditional line-item budget? Estimate the costs of accomplishing measurable tasks or activities Provide mechanisms for expenditure control Focus attention on the value of public services provided Require crosswalks to identify appropriations to agenciesIn which section of the CAFR are the budget-to-actual comparisons of the major funds located? What accounting basis is used?for which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?
- 8. According to GASB standards, which of the following is not classified as a budgetary account? Multiple Choice Encumbrances. Encumbrances Outstanding. Estimated Revenues. Appropriations.Select all that apply Which of the following statements are correct? Fund accounting segregates financial resources with constraints or limitations. General purpose governments may have more than one General Fund. Special revenue funds are used for resources to be used to acquire capital assets. Special revenue funds are not used for resources for payments on long-term debt.It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?