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GT Accounting Basics

Test Questions1. A journal entry is necessary to move expense from project A to project B.

Which project should be debiteda. !roject Bb. !roject Ac. Bothd. "either

#. A $epartmental %ales &ournal entry must be made to post 'evenue to!roject A and (xpense to project B. What should be debited and credited

a. !roject A should be debited) !roject B creditedb. !roject A should be credited) !roject B debitedc. !roject A should be credited) !roject B should decrease the budgetd. !roject B should be debited) !roject A should increase the budget

*. What is the formula for a balanced funda. +iabilities, -expenserevenue/0und Balance Assetsb. 'evenue 2 (xpense Assets 2 +iabilitiesc. +iabilities , !3 0und Balance , -'evenue 2 (xpense/ Assetsd. Assets +iabilities

4. What is the largest fund at Georgia Techa. GT'5

b. $+!(c. Agencyd. 'esident 5nstruction

6. When 7ould 5 need to establish and agency funda. When 5 am acting as an agent for a group) but do not o7n

resources.b. When 5 am paying bills that are unrelated to sponsored projects.c. When 5 plan on accumulating funds for use in future fiscal years.d. When 5 deposit funds at the Bursar8s 9ffice for $%%.

:. Who establishes Agency 0undsa. !rocurement

b. Accounts !ayablec. Budget 9ffice

d. Accounting %ervices;. Who establishes state projects

a. !rocurementb. Accounts !ayablec. Budget 9ffice

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d. Accounting %ervices. Where does one deposit chec?s from %ponsorsa. Bursar8s 9fficeb. Ban?c. 0or7ard to Accounting %ervices for $epositd. "one of the Above

1@.What account should be used 7hen the revenue account is un?no7na. 4;@1@@b. 4@@@@@c. 4

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1. When can an individual enter into a contract on behalf of GTa. never b. 7hen approved by $eanc. 7hen project budget is approved by $eand. 7hen project budget is approved by procurement

#@. What are the only t7o account codes reDuired for agency fundsa. ;1416@) 4;@1@@b. ;>1@@@) 4@@@@@c. ;1>@@@) 4@@@@@d. ;>1@@@) 4;1@@@

#1. True or 0alse 2 internal $epartmental %ales billings must be routed throughaccounts payable

##. True or 0alse 2 9n the expense ledger) you can identify an Accounting%ervices journal by the %ource =ode A=T

#*. True or 0alse 2 The best 7ay to vie7 a journal entry and supportingdocumentation is on 5mage "o7

#4. True or 0alse 2 GT 0oundation activity posted on GT reports can be identifiedas F9ther emoH

#6. True or 0alse 2 =%I journal entries are primarily done by units 7ho have$epartmental %ales and %ervices

#:. When submitting a journal entry to Accounting %ervices) 7hat must beincluded 7hen adjusting !er $iem Accounts

a. (Duipment 5db. %ocial %ecurity "umberc. Tax 5dd. endor 5d

#;. True or 0alse 2 $ebits should eDual credits on a journal entry

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#. True or 0alse 2 T7o signatures are reDuired on all journal entries submittedto Accounting %ervices