[SOLVED] Choose the best answer. 1. Which of

Choose the best answer. 1. Which of the following best describes the recommended format for the government-wide statement of activities? a. Revenues minus expenses equals change in net position. b. Revenues minus expenditures equals change in net position. c. Expenses minus program revenues equals net (expense) revenue. NetÂ (expense) revenue plus general revenues equals change in net position. d. Program revenues minus expenses minus general revenues equals changes in net position. 2. Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? a. Report as a general expense in the bottom section of the statement of activities. b. Report as a direct expense of the function or program with which the related depreciable assets are identified. c. Report as an indirect expense on a separate line, or as an expense of the general government (or similar) function, for depreciable assets that benefit all functions or programs. d. Either b or c. 3. GASB standards require that fund balances of governmental funds be classified according to whether the fund balance is spendable or non spendable. Spendable fund balances are further classified as: a. Reserved, unreserved, and designated. b. Restricted, committed, assigned, and unassigned. c. Restricted, unrestricted, encumbered, and unencumbered. d. Restricted, reserved, and unreserved. 4. When determining taxable property for the purpose of property tax levy, which of the following would likely be excluded from the calculation? a. Property owned by governments. b. Property exempted from taxation by the government. c. Property used by religious or charitable organizations. d. All of the above. 5. One characteristic that generally distinguishes other financing uses from expenditures is that other financing uses: a. Arise from inter fund transfers out. b. Decrease fund balances when they are closed at year-end. c. Are not included in budgetary entries. d. Have a normal credit balance. 6. An internal allocation of funds on a periodic basis, which is often used to regulate the use of appropriations over a budgetary period, is called: a. An encumbrance b. A budgetary levy. c. An ad valorem assessment. d. An allotment. 7. According to GASB standards, expenditures may be classified by: a. Fund, function or program, organization unit, source, and character. b. Fund, function or program, organization unit, activity, character, and object. c. Fund, appropriation, organization unit, activity, character, and object. d. Fund, organization unit, encumbrance, activity, character, and object. 8. Under GASB requirements for external financial reporting, one would find the budgetary comparison schedule (or statement) in the: a. Required supplementary information (RSI). b. Basic financial statements. c. Either a or b , as elected by the government. d. Neither a nor b. 9. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. This type of budgetary control is achieved by reviewing: a. Appropriations minus expenditures. b. Appropriations plus expenditures minus encumbrances. c. Appropriations minus estimated revenues. d. Appropriations minus the sum of expenditures and encumbrances. 10. Spruce Cityâ€™s finance department recorded the recently adopted General Fund budget at the beginning of the current fiscal year. The budget approved estimated revenues of $1,100,000 and appropriations of $1,000,000. Which of the following is the correct journal entry to record the budget?

Question: Choose the best answer. 1. Which of

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