18. In accounting for expendable fund entities, revenue is ordinarily not recogn

Question

18. In accounting for expendable fund entities, revenue is ordinarily not recognized until: A) it can be objectively measured and it is available to finance expenditures of the B) C) D) current period a transaction has taken place and the carnings process is complete. it has been received in cash. none of the above. 19. All of the following are Governmental (Expendable) Fund Entities except the A) Internal Service Fund Capital Projects Fund. C) Special Revenue Fund. Debt Service Fund When a truck is received by a governmental unit, it should be recorded in the General Fund as a(n) A) fixed asset B) expenditure. C) appropriation. D) encumbrance. 20. Encumbrances would not appear in which fund? A) Special revenue B) Enterprise C) Capital projects D) General 21. When the donor has specified a particular date or event after which the principal of the Endowment Fund may be expended, the Endowment Fund is referred to as a(n) A) term endowment fund. B) pure endowment fund. C) quasi endowment fund. D) expendable endowment fund 22. 23. When budgeted expenditures are enacted into law, they are referred to as A) appropriations. B) encumbrances. C) estimated expenditures D) expenditures. Version 3 Page 5

Explanation / Answer

Ans 18 a) it can be objectively measured and it is available to finance expenditures of the current period.

Ans 19 a) Internal Service Fund

Ans 21 b) Enterprise

Ans 23 a) appropriations

As per chegg policy, we can answer only 4 MCQ's at a time.

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