A certain government passed its budget for the fiscal year ended December 31,2012.Estimated Revenues amounted to $13,000,000; Appropriations amounted to $11,900,000; Estimated Other Financing Uses amounted to $700,000; and Estimated Other Financing Sources amounted to $100,000.In the budgetary entry (combining entry):

Question

Quizplus · Accepted Answer

The Budgetary Fund Balance would be credited for $500,000 because the net effect of the budgetary entry is the difference between the total estimated revenues and other financing sources ($13,100,000) and the total appropriations and other financing uses ($12,600,000), resulting in a surplus of $500,000.

A Certain Government Passed Its Budget for the Fiscal Year