Test Bank for Accounting
for Governmental &
Nonprofit Entities 19th
Edition By Reck,
Lowensohn, Neely,
Wilson (All Chapters 1-17,
100% Original Verified, A+
Grade)
All Chapters Arranged
Reverse 17-1
,Chapter 17
Student name:__________
1) The following are key terms that relate to accounting and financial reporting for federal
agencies and the federal government:
A. Apportionment
B. Budgetary resources
C. Expended appropriation
D. Governmental assets
E. Heritage assets
F. Intragovernmental assets
G. Stewardship investments
H. Stewardship land
For each of the following definitions, indicate the key term from the list above that best
matches by placing the appropriate letter in the blank space next to the definition.
_____ 1. Federal capital assets that possess educational, cultural, or natural characteristics.
_____ 2. Claims by a federal reporting entity that arise from transactions between the entity
and other federal reporting entities.
_____ 3. Assets that arise from transactions of the federal government or an entity of the
federal government with nonfederal entities.
_____ 4. Dividing a federal appropriation into amounts that are available during specific
periods.
_____ 5. Federal land other than that included in general property, plant, and equipment.
_____ 6. New budgetary authority for the period plus unobligated budgetary authority
carried over from the prior period and offsetting collections, if any, plus or minus any
budgetary adjustments.
_____ 7. An account used when the goods or services have been received.
Version 1 1
,Chapter 17
2) The Federal Landmarks Commission began operations on October 1, 2023. Prepare in
journal form all entries that should be made in budgetary and proprietary accounts of the
agency. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1. The Congress passed, and the President signed, a one-year appropriation for fiscal year
2024 for the Landmarks Commission in the amount of $30,000,000.
2. The OMB notified the agency of the following apportionments of the 2024 appropriation:
first quarter, $8,000,000; second quarter, $8,000,000; third quarter, $7,000,000; and
fourth quarter, $7,000,000.
3. The Commission Director allotted $1,500,000 for the operations of October 2023.
4. Commitments for goods and services not yet ordered or received were recorded in the
amount of $1,300,000.
5. Purchase orders and contracts for services were recorded for the month of October 2023
in the amount of $1,250,000.
3) Compute the missing amount in the following list of proprietary accounts of a federal
government agency.
Proprietary Accounts:
Accounts Payable $ 1,200,000
Operating/Program Expenses 12,400,000
Accumulated Depreciation-Plant and Equipment 9,200,000
Cumulative Results of Operations 10/1/2022 ?
Appropriations Used—2023 12,400,000
Fund Balance with Treasury—2023 4,800,000
Accounts Receivable 200,000
Operating Materials and Supplies 3,200,000
Plant and Equipment 30,000,000
Unexpended Appropriations—2023 3,600,000
Version 1 2
, Chapter 17
4) The Lakes Conservation Agency was authorized by the United States Congress to commence
operations on October 1, 2023. Record the following transactions in general journal form, as
they should appear in the budgetary and proprietary accounts of the agency. For each entry
indicate whether it affects the budgetary accounts or the proprietary accounts. (If no entry is
required for a transaction/event, select "No Journal Entry Required" in the first
account field.)
1. The agency received official notice that its one-year appropriation passed by the
Congress and signed by the President amounted to $350 million for operating expenses
for the fiscal year and $100 million for acquisition of capital assets during the year.
2. The Office of Management and Budget notified the agency that the entire appropriation
had been apportioned.
3. The head of the agency allotted $75 million for the first quarter's operating expenses, and
$25 million for equipment to be ordered during the first quarter.
4. Purchase orders and contracts for services recorded for the first quarter totaled $90
million (the agency does not record commitments prior to placing orders or entering into
contracts).
5. Total expenditures for the first quarter amounted to $70 million for operating expenses
and $18 million for equipment, for which an obligation in the amount of $84 million had
been previously recorded (see item 4 above which includes the order for $84 million).
The expenditures were all paid from fund balance with U.S. Treasury.
Version 1 3
for Governmental &
Nonprofit Entities 19th
Edition By Reck,
Lowensohn, Neely,
Wilson (All Chapters 1-17,
100% Original Verified, A+
Grade)
All Chapters Arranged
Reverse 17-1
,Chapter 17
Student name:__________
1) The following are key terms that relate to accounting and financial reporting for federal
agencies and the federal government:
A. Apportionment
B. Budgetary resources
C. Expended appropriation
D. Governmental assets
E. Heritage assets
F. Intragovernmental assets
G. Stewardship investments
H. Stewardship land
For each of the following definitions, indicate the key term from the list above that best
matches by placing the appropriate letter in the blank space next to the definition.
_____ 1. Federal capital assets that possess educational, cultural, or natural characteristics.
_____ 2. Claims by a federal reporting entity that arise from transactions between the entity
and other federal reporting entities.
_____ 3. Assets that arise from transactions of the federal government or an entity of the
federal government with nonfederal entities.
_____ 4. Dividing a federal appropriation into amounts that are available during specific
periods.
_____ 5. Federal land other than that included in general property, plant, and equipment.
_____ 6. New budgetary authority for the period plus unobligated budgetary authority
carried over from the prior period and offsetting collections, if any, plus or minus any
budgetary adjustments.
_____ 7. An account used when the goods or services have been received.
Version 1 1
,Chapter 17
2) The Federal Landmarks Commission began operations on October 1, 2023. Prepare in
journal form all entries that should be made in budgetary and proprietary accounts of the
agency. (If no entry is required for a transaction/event, select "No Journal Entry
Required" in the first account field.)
1. The Congress passed, and the President signed, a one-year appropriation for fiscal year
2024 for the Landmarks Commission in the amount of $30,000,000.
2. The OMB notified the agency of the following apportionments of the 2024 appropriation:
first quarter, $8,000,000; second quarter, $8,000,000; third quarter, $7,000,000; and
fourth quarter, $7,000,000.
3. The Commission Director allotted $1,500,000 for the operations of October 2023.
4. Commitments for goods and services not yet ordered or received were recorded in the
amount of $1,300,000.
5. Purchase orders and contracts for services were recorded for the month of October 2023
in the amount of $1,250,000.
3) Compute the missing amount in the following list of proprietary accounts of a federal
government agency.
Proprietary Accounts:
Accounts Payable $ 1,200,000
Operating/Program Expenses 12,400,000
Accumulated Depreciation-Plant and Equipment 9,200,000
Cumulative Results of Operations 10/1/2022 ?
Appropriations Used—2023 12,400,000
Fund Balance with Treasury—2023 4,800,000
Accounts Receivable 200,000
Operating Materials and Supplies 3,200,000
Plant and Equipment 30,000,000
Unexpended Appropriations—2023 3,600,000
Version 1 2
, Chapter 17
4) The Lakes Conservation Agency was authorized by the United States Congress to commence
operations on October 1, 2023. Record the following transactions in general journal form, as
they should appear in the budgetary and proprietary accounts of the agency. For each entry
indicate whether it affects the budgetary accounts or the proprietary accounts. (If no entry is
required for a transaction/event, select "No Journal Entry Required" in the first
account field.)
1. The agency received official notice that its one-year appropriation passed by the
Congress and signed by the President amounted to $350 million for operating expenses
for the fiscal year and $100 million for acquisition of capital assets during the year.
2. The Office of Management and Budget notified the agency that the entire appropriation
had been apportioned.
3. The head of the agency allotted $75 million for the first quarter's operating expenses, and
$25 million for equipment to be ordered during the first quarter.
4. Purchase orders and contracts for services recorded for the first quarter totaled $90
million (the agency does not record commitments prior to placing orders or entering into
contracts).
5. Total expenditures for the first quarter amounted to $70 million for operating expenses
and $18 million for equipment, for which an obligation in the amount of $84 million had
been previously recorded (see item 4 above which includes the order for $84 million).
The expenditures were all paid from fund balance with U.S. Treasury.
Version 1 3
