Governmental Accounting Chapter 8 Test Flashcards | Quizlet

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FAQs about Governmental Accounting Chapter 8 Test Flashcards | Quizlet Coupon?

What is government accounting?

The process of analyzing, classifying, summarizing an d communicating a ll transactions a. Government accounting. c. money and other resources consistent with accounting and budgetary law. *. One of the basic feature s in governm ent accounting is of the u se or d isbursement of said money collected. ...

What are the features of government accounting?

A feature of government accounting that provides for the ceiling or maximum amount an agency can spend or incur in the performance of its functions. a. Budgeting accounting. c. Obligation accounting. b. Responsibility accounting. d. Fund accounting. RPCPA 1096 *. ...

What is the difference between government and commercial accounting?

A major difference between government and commercial accounting is that a governmental unit should a. Always establish and maintain complete self-balancing account for each fund. b. Use only the cash basis of accounting. c. Not record depreciation expense in any of its funds. d. Use only the modified accrual basis of accounting. RPCPA 1082, 1085 ...

How is revenue control account increased in government accounting?

In government accounting, the revenue control account is increased when recording a. The budget. c. The closing of budgetary accounts. b. The appropriations. d. Property taxes. RPCPA 0590 *. When the budget of a governmental unit is adopted and the estimated revenues exceed the appropriation, the excess is a. Debited to reserve for encumbrances. ...

What are the GaSb standards for accounting for inventory items?

4. When accounting for inventory items in a governmental fund, GASB standards permit the use of the consumption method only. 5. The purchases method is consistent with full accrual basis of accounting. 6. When accounting for inventory items in a governmental fund, a reclassification of ...

What is a basic feature in governm ENT accounting?

One of the basic feature s in governm ent accounting is of the u se or d isbursement of said money collected. organized and operat ed on which of the fo llowing bases? specified conditions and for sp ecific purposes. *. It provides for the ceiling or the maximum extent an agency can commit the resources of the *. ...