Assume estimated revenues exceed appropriations. When the budget for the General Fund is recorded, the journal entry will include:
A) A credit to Budgetary Fund Balance
B) A credit to Estimated Revenues Control
C) A debit to Appropriations Control
D) A credit to Reserve for Encumbrances
Correct Answer:
Verified
Q37: Assume encumbrances do not expire at year-end.
Q39: GASB standards _ that each governmental reporting
Q44: Governments may create special revenue funds whenever
Q50: Revenues for governmental funds should be recognized
Q55: GASB requires a reconciliation between the amount
Q56: Modified accrual accounting records encumbrances when goods
Q59: Ad valorem property tax revenues may not
Q60: An expenditure is defined as a decrease
Q86: What is the first step a government
Q97: Where is tax-supported long term debt reported?
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents