Area 4: State and Local Governments

Which of the following funds uses the Current Financial Resources Measurement Focus and Modified Accrual Basis of Accounting?

A city levies $1,000,000 in property taxes for Year 1. It collects $800,000 in Year 1, $100,000 in the first 60 days of Year 2, and expects to collect the remaining $100,000 later in Year 2. Estimated uncollectible amount is $0. What amount of Property Tax Revenue should be recognized in the General Fund for Year 1?

A city orders a new police car for $30,000. When the car is delivered, the invoice is for $31,000. What is the journal entry in the General Fund upon delivery?

In the Government-Wide Statement of Net Position, how should capital assets used in general government activities be reported?

The General Fund transfers $50,000 to the Debt Service Fund to pay principal and interest. How is this transaction reported in the General Fund?

When reconciling the Net Change in Fund Balance (Governmental Funds) to the Change in Net Position (Government-Wide), which of the following adjustments is required for capital outlays of $100,000 purchased with cash?