ACC 461 EXAM 2025 VERIFIED QUESTIONS AND
ANSWERS GRADED A+
The account "Interfund Transfers In" would be classified in a General Fund
statement of revenues, expenditures, and changes in fund balance as a(an):
other financing sources
Which of the following is not a category of program revenue reported on the
statement of activities at the government-wide level?
general program revenues
When the budget for the General Fund is recorded, the required journal entry will
include which of the following?
a credit to appropriations
The expenditure classification "Public Safety" is an example of which of the
following types of classifications?
function
,The expenditure classification "City Attorney" is an example of which of the
following types of classification?
organization unit
Which of the following items would not appear in a statement of revenues,
expenditures, and changes in fund balances prepared for a governmental fund?
depreciation expense
The County Commission of Seminole County adopted its General Fund budget for
the year ending June 30, comprising estimated revenues of $13,200,000 and
appropriations of $12,900,000. The journal entry Seminole County makes to record
the budget will include which of the following?
A credit to Appropriations, $12,900,000.
The journal entry to record budgeted revenues will include which of the following?
A debit to Estimated Revenues.
When supplies ordered for use in an activity accounted for in the General Fund are
received at an actual price that is more than the estimated price on the purchase
order, the Encumbrance account is:
Credited for the estimated price on the purchase order.
, When computers are ordered by the mayor's office, the purchase order should be
recorded in the General Fund as a debit to which of the following accounts?
encumbrances
Which of the following expenses would most likely be reported as a separate line
item on the statement of activities?
interest in long-term debt
When equipment that is to be used by the General Fund is received, how should it
be recorded?
expenditure
Which of the following accounts is not closed at the end of the reporting period?
deferred inflows of resources
ANSWERS GRADED A+
The account "Interfund Transfers In" would be classified in a General Fund
statement of revenues, expenditures, and changes in fund balance as a(an):
other financing sources
Which of the following is not a category of program revenue reported on the
statement of activities at the government-wide level?
general program revenues
When the budget for the General Fund is recorded, the required journal entry will
include which of the following?
a credit to appropriations
The expenditure classification "Public Safety" is an example of which of the
following types of classifications?
function
,The expenditure classification "City Attorney" is an example of which of the
following types of classification?
organization unit
Which of the following items would not appear in a statement of revenues,
expenditures, and changes in fund balances prepared for a governmental fund?
depreciation expense
The County Commission of Seminole County adopted its General Fund budget for
the year ending June 30, comprising estimated revenues of $13,200,000 and
appropriations of $12,900,000. The journal entry Seminole County makes to record
the budget will include which of the following?
A credit to Appropriations, $12,900,000.
The journal entry to record budgeted revenues will include which of the following?
A debit to Estimated Revenues.
When supplies ordered for use in an activity accounted for in the General Fund are
received at an actual price that is more than the estimated price on the purchase
order, the Encumbrance account is:
Credited for the estimated price on the purchase order.
, When computers are ordered by the mayor's office, the purchase order should be
recorded in the General Fund as a debit to which of the following accounts?
encumbrances
Which of the following expenses would most likely be reported as a separate line
item on the statement of activities?
interest in long-term debt
When equipment that is to be used by the General Fund is received, how should it
be recorded?
expenditure
Which of the following accounts is not closed at the end of the reporting period?
deferred inflows of resources
