question archive Which of the following terms refers to a budgetary account, rather than actual account a
Which of the following terms refers to a budgetary account, rather than actual account a
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Which of the following terms refers to a budgetary account, rather than actual account
a.
Unreserved Fund Balance
b.
Estimated revenue
c.
Revenue
d.
Expenditure
When the budget of a governmental unit is adopted and the estimated revenues exceed the appropriations, the excess is:
a.
Debited to Budgetary Fund Balance.
b.
Debited to Reserved for Encumbrances.
c.
Credited to Budgetary Fund Balance.
d.
Credited to Reserved for Encumbrances.
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1)
Option b is Correct
Estimated revenue
Budgetary accounts means those accountsnecessary to reflect budgetary operations and conditions, such as estimated revenues, appropriations, and encumbrances.
2) option c is correct
credited to budgetary fund balance
to increase budgetary fund balance we have to credit it
Budgetary fund balance refers to the estimated net worth of the governmental organization, that is, the difference of the total of estimated financial assets and deferred outflows and the estimated total of the related liabilities and deferred inflows.
