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Test Your Cost Share Accounting Knowledge

Test Your Cost Share Accounting Knowledge. School of Social Work Auditorium May 2, 2007. Question 1. What types of projects can I use to fund my cost share expenses? State State & Revolving State & Revolving & DRIF State & Revolving & DRIF & Common Trust

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Test Your Cost Share Accounting Knowledge

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  1. Test Your Cost Share Accounting Knowledge School of Social Work Auditorium May 2, 2007

  2. Question 1 What types of projects can I use to fund my cost share expenses? • State • State & Revolving • State & Revolving & DRIF • State & Revolving & DRIF & Common Trust • State & Revolving & DRIF & Common Trust & Private grants

  3. Question 2 When are transfers made to fund my cost share expenses? • Once a month- at end of month- for current month • Once a month- at end of month- for prior month • Once a month- in middle of the month- for current month • Once a month- in middle of the month- for prior month

  4. Question 3 How can I change the funding source for my cost share expenses after the transfer has been made? • Create JE to debit 2210/4851 on new funding project and credit 2210/4851 on old funding project • Create JE to debit 0906 on new funding project and credit 2210/4851 on old funding project • Create JE to debit 0906 on new funding project and credit 0906 on old funding project • Create JE to debit 2210/4851 on new funding project and credit 0906 on old funding project

  5. Question 4 In my RAVEN inquiry I found salaries that were charged to account 1012 (Faculty salaries) in my cost share fund chartstring in error- how do I correct it? • Create JE to credit 2210 for fund 147-project chartstring and debit 2210 for 182-project chartstring • Create JE to credit 1012 for fund 147-project chartstring and debit 1012 for 182-project chartstring • Create EFP that will credit for 2210 for fund 147-project chartstring and debit 2210 for 182-project chartstring • Create EFP that will credit 1012 for fund 147-project chartstring and debit 1012 for 182-project chartstring

  6. Question 5 In my RAVEN inquiry I found P-Card transactions that were charged to account 3916 (Office Supplies) in my cost share fund chartstring in error- how do I correct it? • Create JE to credit 4851 for fund 146-project chartstring and debit 4851 for 182-project chartstring • Create JE to credit 3916 for fund 146-project chartstring and debit 3916 for 182-project chartstring • Reallocate P-Card to credit 4851 for fund 146-project chartstring and debit 4851 for 182-project chartstring • Reallocate P-Card to credit 3916 for fund 146-project chartstring and debit 3916 for 182-project chartstring

  7. Question 6 I need to create an EFP to charge salaries to a cost share fund but the account code is not set-up- who should I contact? • Financial Systems • Financial Services- Payroll • Financial Services- Quality Assurance • Financial Services- Restricted Funds • Any of the above

  8. Question 7 I’m analyzing my project in RAVEN as of the end of May, which scenario means I have an error in my cost share chartstring (146-10010010)? • Revenue exceeds expense in the chartstring • Expense exceeds revenue in the chartstring • There is a JE transaction debit in account 4851 • There is a Salary transaction debit in account 1012 • Choices a through d are all errors • Choices a through d are all NOT errors

  9. Question 8 How’d you do???

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