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Test your basic knowledge |
Oracle Vocab
Start Test
Study First
Subjects
:
oracle
,
it-skills
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The difference between a fund's assets and its liabilites. A surplus or deficit of assets over liabilites and reserves within a specific fund or organizational unit. A comparison of projected ependitures and revenues with related appropriations. Port
Service and Supplies
Fund Balance
Force Account
Fund
2. A classification of cost that is assigned to each expenditure items. Expenditure types are grouped into cost groups ( expenditure categories) and revenue groups ( revenue categories).
Internal Agreement
Adopted Budget
Expenditure Type
Project
3. Budget authority that is set aside when a purchase order or contract is approved. A limitation - reserve or obligations placed on a budget appropriation to pay for good or services that have been ordered by means of contracts - purchase orders - IA -
Capital Project
Baseline
Baseline Budget
Encumbrance
4. The types of invoices- Standard - Credit memo - Debit memo - Expense Report - Prepayment - Mixed.
Invoise Types
General Fund
Full Cost
Funds
5. Accounts for the accumulation for and the payment of general long-term principal and interest.
Genaral Revenue Allocation
Enterprise Fund
Line-Item Budget
Debt Service Funds
6. General - Special Revenue Funds - Capital Project Funds - Debt Service Funds
Enterprise Fund
Accounting Standards
Proprietary Funds
Governmental Funds
7. Those elements of cost necessary in the production of an article or the performance of a service but no an integral part of the finished product or service - such as rent - heat - light - supplies - management - supervision - etc.
Indirect Cost of Expense
Funds Available
Deficit
Debt Service Funds
8. The version of the Operations Plan that is formally approved and implemented by the Board of Supervisors after the proposed Operational Plan has gone through a process of Change Letters - public hearing - and deliberations.
Grant
Invoise Types
Adopted Budget/Operational Plan
Capital Assets
9. A method of accounting in which revenues are recorded only when cash is received and expenditures are recorded only when payment is made.
Accounting Standards
Proprietary Funds
Cash Basis of Accounting
Baseline Budget
10. A type of purchasing document used to reference POs to a specific contract. It may include terms and conditions - agreed amounts - and an effective and expiration date.
Internal Agreement
Contract or Contract Purchase Agreement (CPA)
Asset Inventory
Preliminary Budget
11. Funds ensure that available resources are controlled and spent in accordance with organizational spending - service delivery decision and finance- related legar and contractual provisions.
Proprietary Funds
Funds
Capital Improvement Plan (CIP)
Funds Available
12. Items that are stocked in intentory. Inventory is controlled by quantity and value. Remains an asset until it is consumed. The cost of an intentory items is recognized as an expense when it is consumed or sold.
Activity- Based Costing (ABC)
Obligation
Internal Service Funds
Inventory Item
13. Does not include paid or unpaid leave - work performed on behalf of a busness entity which is required for that entity to fullfil its business purpose.
Productive Time
Revenue
Accounting Standards
Activity- Based Costing (ABC)
14. Financial resources recieved from taxes - fees - and other charges - federal or State government - excluding interfund transfers fund balance - or debt issuance proceeds.
Special Revenu Fund
Expensed Inventory
Revenue
Purchase Requsition
15. An Actual order(sub-order) of goods and services issued against a Blanket Purchase Agreement (BPA) for actual delivery with specified quantities - dates and the accounting information.
Fiduciary Fund
Special Revenu Fund
Capital Improvement
Release
16. The difference between budgeted amounts and all actual and anticipated expenditures.
Funds Available
Internal Service Fund (ISF)
Cost Applied
Fund
17. A method employed in the constructon and /or maintenance of projects and activities - wherby the County's own personnel are used to perform the services - instead of an outside contractor. This method may also call for the purchase or use of the Coun
Force Account
Special Revenue Fund
Standard Purchase Order
Physical Intentory
18. Accounts for the financingof goods and services provided by one department or agency to other departments or agency on a cost-reimbursement basis.
Chart of Accounts
Asset
Revenue
Internal Service Funds
19. Additional revenue received beyond that which was budgeted and which may be made available for the financing requirements of the County.
Activity- Based Costing (ABC)
Org.
Avoidable Cost
Overrealized Revenue
20. Annual principal and interest payments that local government owes on borrowed money.
Grant
Fund
Capital Assets
Debt Service
21. One or more funds that account for the goods and services provided by one department to another within a government on a cost-reimbursement basis. ( General Services Facilities Management - Fleet Maintenance - and Document Services ISF) will budget a
Expensed Inventory
Internal Service Fund (ISF)
Invoice
Line-Item Budget
22. Accounts for the proceeds of specific revenue sources ( except pension trust and major capital projects) that are legally restricted to expenditures for specific purposes.
Full Cost
Special Revenue Fund
Grant
Internal Agreement
23. An initial building of the budget using a base year usually the second of the prior year's Operational Plan) for non salary related accounts and recalculated salary and benefits costs based on current positions loaded into BRASS from PeopleSoft.
Revenue
Program Budget
Fund Balance
Preliminary Budget
24. Expenditures related to the acquisition - expansion - or rehabilitatin of major fixed assets - such as land - buildings - structures - and certain types of equipment; remodeling/upgrades which improve or enhance the use of an existing facility or spa
Capital Improvement
Estimated Revenue
Baseline Budget
Encumbrance Types
25. An internal request for goods or services. A requisiton can originate from an employee or from another process. Each requition can include many lines - generally with a distict item on each requisition line.
Expenditure Type
Purchase Requsition
Expenditure
Grant
26. Units of work that can be broken down into one or more task to capture and related revenue.
Capital Improvement Plan (CIP)
Project
Inventory Items
Capital Improvement
27. The compilation of proposed amendments to the CAO Proposed Operational Plan. Change Letters must be filed by the close of Public Hearing.
Debt Service
Full Cost
Change Letter
Funds Available
28. A grant - subsidy - revenue agreement - revenue contract - or specific funding which is allocated to an organization for a specific purpose(s) and can be used to fund one or more projects - An award is usually billed or invoiced to a Customer ( i.e.
Direct Expense
Award
General Purpose Revenue
Expensed Inventory
29. Fund is an independent fiscla and accounting entity.
General Fund
Fund
Activity- Based Costing (ABC)
Special Revenu Fund
30. Expiration in the service life of capital assets - other than wasting assets - attributable to wear and tear - deterioration - action of the physical elements - idadequacy - and obsolescence.
Depreciation
Funds Available
General Fund
Asset Inventory
31. A special fund created to provide centralized budgeting for the accumulation and expenditures of funds for the capital needs of the County.
Spending Funds
Capital Outlay Fund (COA)
Org.
Debt Service
32. Locally generated revenues derived from property taxes - sales taxes - vehicle license fees - court fines and fund balances. Affected by local economic conditions.
Indirect Project
General Purpose Revenue
Average Balance
Capital Project
33. Land - improvements to land - buildings - building improvements - vehicles - machinery - equipment - works of art and historical treasures - infrastructure - and all other tangible or intangible assets that are used in operations and that have initia
Capital Project Fund
Special Revenu Fund
Capital Assets
Contract or Contract Purchase Agreement (CPA)
34. An excess of liabilites over assets - of losses over profits - or of expenditures over revenue.
Deficit
Fund
Capital Assets
Raw Cost
35. A separate fund established to account for services that are supported primarly by service charges. They are similar to private business enterprise - where the costs of providing goods or services to the general public or to customer departments on a
Enterprise Fund
Fund
Expenditures
Cash Basis of Accounting
36. An itemized statement of money owed for goods shipped or services rendered
Asset Management
Line-Item Budget
Adopted Budget
Invoice
37. A non-asset inventory that has already been expensed to a final use account and is thus carried and tracked as a on hand balance only - with an accounting value of zero.
Expensed Inventory
Board of Supervisors
Appropriation
Current Budget
38. An encumbrance category that allows you track you anticipated expenditures according to your purchase approval process. Types:commitments ( requisition encumbrances) and obligation ( PO encumbrances).
Expenditure Type
Award
Cost Applied
Encumbrance Types
39. Costs that are directly attributalbe to work performed -also referred to as Direct Costs.
Raw Cost
Adopted Budget
General Fund
Capital Improvement
40. An Inventory carried on accounting records as an asset whose stock items are valued at their unit cost times their quantity on hand - and the stock value is not expensed to a final user account until the material is issued to that user.
Bond
Pension and other employee benefit Trust Fund
Asset Inventory
Invoice
41. A self-balancing set of accounts.
Fund
Revenue
Avoidable Cost
Commitment
42. An object of value owned by a corporation or business. Assets are entered in Oracle Projects as non-labor resources.
Asset
Fund
Capital Improvement Plan (CIP)
Genaral Revenue Allocation
43. A periodic - often annual - reconciliation of all inventory item physical counts with system on-hand quantities.
Physical Intentory
Avoidable Cost
Depreciation
Fiduciary
44. Additional revenue that was not expected and - therefore -not budgeted - but which may legally be made available for the financing requirements of the County.
Inventory Item
Capital Project
General Purpose Revenue
Unanticipated Revenue
45. A unit with budgetary control and/or management responsibilities for financial transactions. Represents the 'cost center'qualifier segment required in Oracle and is at the trasactional level of input( child).
Invoice
Org.
Avoidable Cost
Project
46. Revenues are recorded when measurable and earned ( rather than when cash is received - and expenses are recognized when a good or service is used( rather thane when payment is made).
Depreciate
Fiduciary Fund
Accrual Basis of Accounting
Debt Service
47. It is business or individual that provides good and /or services in return for payment. Also known as a Vendor.
Account
Internal Service Fund (ISF)
Supplier
Chart of Accounts
48. Trust Fund and Agency Funds
Accrual Basis of Accounting
Fiduciary
Debt Service Funds
Accounting Standards
49. The estimated cost amounts at completion of a project. Cost budget amounts can be summary or detail - and ca be burdened or unburdened.
Cost Budget
Indirect Cost or Indirect Expense
Capital Assets
Obligation
50. Locally generated revenues derived from property taxes - sales taxes - vehicle license fees - court fines - and fund balances. Can be used for any purpose that is a legal expenditure of County Funds. The Board of Supervisors controls their usage.
General Purpose Revenue
Governmental Funds
Commitment
Expenditure Type