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The General Fund pays an invoice for telecommunications that includes charges owed by the Water Utility Enterprise Fund. The Enterprise Fund subsequently remits its share of the telecommunications charges to the General Fund. The General Fund records the amount received from the Enterprise Fund as:

(A)An increase to revenue.

(B)An increase to Operating Transfers In.

(C)A decrease in expenses.

(D)A decrease in Expenditures.

The Correct Answer
Explanation

A static budget contains which of the following amounts?

(A)Actual costs for actual output. (B)Actual costs for budgeted output. (C)Budgeted costs for actual output. (D)Budgeted costs for budgeted output.

Correct Answer: D

Three key words used to describe the ethical responsibilities of accountants are:

(A)CPA's, GAAP, AICPA (B)Competence, objectivity, and confidentiality (C)Reliability, integrity, and honesty (D)Integrity, intelligence, and reliability (E)Secrecy, intelligence, and reliability

Correct Answer: B

Retained earnings are revenue of a corporation that is:

(A)Not paid out in dividends (B)Paid to shareholders (C)Considered gross profit (D)Shown in a trial balance (E)Issued in stock

Correct Answer: A

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