The County Commission of Benton County adopted its General Fund budget for the year ending June 30,comprising estimated revenues of $3,200,000 and appropriations of $2,900,000.Benton County utilizes the budgetary accounts required by GASB standards.The budgeted excess of estimated revenues over appropriations will be recorded as

Question

Quizplus · Accepted Answer

According to GASB standards, the excess of estimated revenues over appropriations is recorded as a credit to the Budgetary Fund Balance. Therefore, the correct option is C: A credit to Budgetary Fund Balance, $300,000. This entry represents the unspent funds that the county will carry over into the next fiscal year. Option A is incorrect because Surplus Revenues is not an account in the budgetary fund. Option B is also incorrect because Estimated Excess Revenues is not a valid account used by GASB standards. Option D is incorrect because a memorandum entry is not required when recording the excess of estimated revenues over appropriations.

The County Commission of Benton County Adopted Its General Fund