Select the best answer.1. Upon ordering supplies a government shoulda. Debit encumbrances and credit

Select the best answer.1. Upon ordering supplies a government shoulda. Debit encumbrances and credit reserve for encumbrancesb. Debit reserve for encumbrances and credit encumbrancesc. Debit expenditures and credit encumbrancesd. Debit expenditures and credit vouchers payable2. Upon receiving supplies that had previously been encumbered a government shoulda. Debit reserve for encumbrances and credit encumbrancesb. Debit fund balance and credit reserve for encumbrancesc. Debit fund balance and credit expendituresd. Debit reserve for encumbrances and credit expenditures3. Upon closing the books at year-end a government shoulda. Debit fund balance and credit reserve for encumbrancesb. Debit encumbrances and credit reserve for encumbrancesc. Debit fund balance and credit encumbrancesd. Debit reserve for encumbrances and credit encumbrances4. A government requires that all appropriations lapse at the end of a year. At the end of Year 1 that government has $100,000 of goods and services on order. At the start of Year 2 the government shoulda. Debit fund balance and credit encumbrancesb. Debit reserve for encumbrances and credit encumbrancesc. Debit encumbrances and credit reserve for encumbrancesd. Debit encumbrances and credit fund balance5. Which of the following accounts would a government be most likely to debit as part of its year-end closing process?a. Appropriations, encumbrances, and estimated revenuesb. Estimated revenues, appropriations, and reserve for encumbrancesc. Revenues, appropriations, and encumbrancesd. Revenues, appropriations, and fund balance6. A government places an order for a particular item of equipment and encumbers $5,500. The item arrives accompaniedbyaninvoicefor$5,200.Theentriesthat the government should make should include (but not necessarily be limited to):a. A debit to expenditures for $5,200, a debit to fund balance for $300, and a credit to reserve for encumbrances for $5,500b. A debit to expenditures for $5,200, a credit to encumbrances for $5,200, and a credit to accounts payable for $5,200c. A debit to expenditures for $5,200, a credit to encumbrances for $5,500, and a credit to accounts payable for $5,200d. A debit to expenditures for $5,200, a credit to reserve for encumbrances for $5,200, and a credit to accounts payable for $5,2007. A primary virtue of an object classification budget is that ita. Covers a period of more than one yearb. Facilitates control by establishing detailed spending mandatesc. Shows the impact on the budget of various possible levels of outputd. Relates inputs to measurable outcomes8. Per GASB Statement No. 34, governments musta. Prepare a general fund budget on a cash basisb. Prepare a general fund budget on a modified accrual basisc. Prepare a schedule that reconciles any differences between amounts reported on a GAAP basis and a budgetary basisd. Prepare a schedule that reconciles any differences between the original budget and the amended budget9. The amount that a government has available to spend for a particular purpose in a particular year would be indicated bya. Encumbrances minus the sum of appropriations, expenditures, and net adjustmentsb. Reserve for encumbrances plus appropriations minus the sum of expenditures and net adjustmentsc. Appropriations plus encumbrances minus the sum of expenditures and net adjustmentsd. Appropriations minus the sum of expenditures, encumbrances, and net adjustments10. For which of the following funds would a government be least likely to record its annual budget and thereby integrate it into its accounting system?a. General fundb. Special revenue fundc. Capital project fundd. Enterprise fundView Solution:
Select the best answer 1 Upon ordering supplies a government

"Is this question part of your assignment? We can help"

ORDER NOW