Which of the following is true regarding the Budgetary Comparison Schedule?

1. Which of the following is true regarding the Budgetary Comparison Schedule?

2. Assume encumbrances do not expire at year-end. $15,000 was encumbered during the prior year for a computer and the actual cost of the computer in the current year is $12,000. How does this affect unreserved fund balance?

3. Which of the following items would typically not need an encumbrance?

4. Which of the following is not considered Required Supplementary Information (RSI)?

5. Fiduciary funds are to use the:

6. Level "A" GAAP for The University of Virginia, a public institution, would be established by the:

7. Which of the following is true regarding the composition of the Comprehensive Annual Financial Report (CAFR)?

8. Under the modified accrual basis of accounting, revenues should be recognized when they are:

9. The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:

10. Which of the following is true regarding the government-wide Statement of Activities?


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ACC 561 Question 13-B3 (Comparison of Variable Costing and Absorption Costing) Youngstown Manufacturing

ACC 561 Question 13-B3, Comparison of Variable Costing and Absorption Costing, on p. 617

Consider the following information pertaining to a year’s operations of Youngstown Manufacturing:

Units sold 1,400
Units produced 1,600
Direct labor $4,200
Direct materials used 3,500
Fixed manufacturing overhead 2,200
Variable manufacturing overhead 300
Selling and administrative expenses (all fixed) 700
Beginning inventories 0
Contribution margin 5,600
Direct-material inventory, end 800
There are no work-in-process inventories.
1. What is the ending finished-goods inventory cost under absorption costing?
2. What is the ending finished-goods inventory cost under variable costing?

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