The Brunson Independent School District decided to begin interviewing for a new clerk position at the elementary school. The school board approved the.

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Presentation transcript:

The Brunson Independent School District decided to begin interviewing for a new clerk position at the elementary school. The school board approved the position and authorized a salary of $18,000 per year. Which of the following is the best accounting treatment? A. Credit Appropriations for $18,000. B. Credit Vouchers Payable for $18,000. C. Debit Encumbrances for $18,000. D. Credit Expenditures for $18,000. E. Debit Expenses for $18,000.

Which of the following statements is incorrect? A. Performance measurements are essential in not-for- profit organizations. B. The governmental accounting system must both determine and demonstrate compliance with finance- related legal and contractual provisions. C. Fund financial statements should be used to report detailed information about the primary government (excluding its blended component units). D. There is no single central accounting entity for a government. E. Capital assets of fiduciary funds should be reported only in the statement of (fiduciary) net assets.

The current hierarchy for GAAP is found in the AICPA publication, SAS 69. SAS is the acronym for A. Standards of Accounting Systems B. Standardized Accounting Systems C. Statement of Accounting Standards D. Statement on Accounting Systems E. Statement on Auditing Standards

Which of the following terms means “urgent situation”? A. Encumbrance B. Exigency C. Expenditure D. Endowment E. Escheat