question archive Balanced budget means that Appropriations must be equal or less than estimated revenues and budgetary Fund Balance
Balanced budget means that Appropriations must be equal or less than estimated revenues and budgetary Fund Balance
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Balanced budget means that Appropriations must be equal or less than estimated revenues and budgetary Fund Balance.
a.
True
b.
False
All of the following require an adjustment to the budget except:
a.
Errors in budget
b.
Overestimation of estimated revenue
c.
Actual revenue less than expectation
d.
Underestimation of appropriations
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1) Solution: True
Explanation: A balanced budget can be defined as a situation when the estimated appropriation (expenditure) is equal to or less than the expected receipts in a specified financial year
2) Solution: Actual revenue less than expectation
Explanation: Actual revenue less than expectation to know the budget variance. A budget adjustment requires underestimating of sales, overestimating of expenses and errors
