13) (Note: Question 38 is a Kaplan CPA Review Question) When the budget of a governmental...
13) (Note: Question 38 is a Kaplan CPA Review Question) When the budget of a governmental unit, for which the estimated revenues exceed the appropriations, is adopted and recorded in the general ledger at the beginning of the year, the budgetary fund balance account is
A) Credited at the beginning of the year and no entry made at the end of the year.
B) Debited at the beginning of the year and no entry made at the end of the year.
C) Debited at the beginning of the year and credited at the end of the year.
D) Credited at the beginning of the year and debited at the end of the year.
Homework Answers
Option C , Debited at the beginning of the year and credited at the end of the year.
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13) (Note: Question 38 is a Kaplan CPA Review Question) When the budget of a governmental...
The County Commission of Seminole County adopted its General Fund budget for the year ending June...
The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. The budgeted excess of estimated revenues over appropriations will be recorded as: A. A credit to Budgetary Fund Balance, $300,000. B. A memorandum entry only. C. A debit to Estimated Excess Revenues, $300,000. D. A credit to Surplus Revenues, $300,000.
The Estimated Revenues account of a government is debited when: Question 38 options: A) The account...
The Estimated Revenues account of a government is debited when: Question 38 options: A) The account is closed to fund balance-unassigned at the end of the year. B) Property taxes are recorded. C) Property taxes are collected. D) The budget is recorded at the beginning of the year.
what would be the budgetary fund balance? The board of commissioners of the City of Hartmoore...
what would be the budgetary fund balance?
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017 that included revenues of $1137,500, bond proceeds of $580,000, appropriations of $947.500, and operating transfers out of $490,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what...
Post according to Governmental Accounting please [Para. 4-a-10] The city’s budget for 2017 was legally amended...
Post according to Governmental Accounting please [Para. 4-a-10] The city’s budget for 2017 was legally amended as follows: Estimated Revenues: Decreases Increases Charges for Services $ 5,000 Total $ 5,000 $0 Appropriations: Public Safety $11,000 Public Works $1,600 Culture and Recreation 37,500 $11,000 $39,100 Note: These amendments decrease the balance of the Budgetary Fund Balance account by $33,100. Required: Record the budget amendments in the General Fund general journal only. Budgetary items do not affect the government-wide accounting...
The Edward City Council approved and adopted the budget for its general fund for the year just en...
The Edward City Council approved and adopted the budget for its general fund for the year just ended. The budget contained the following amounts: Estimated revenues $4,900,000 Appropriations 4,780,000 Authorized interfund transfer to the sports and recreation debt service fund 90,000 During the year, various transactions and events occurred that affected the general fund. Edward City levied property taxes of $4,000,000, of which it estimated that $25,000 would be uncollectible. During the discount period between the levy and the date...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $15,500,000 875,000 400,000 125,000 75,000 $16,975,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,125,000 6,050,000 1,600,000 1,000,000 125,000 $16,900,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated...
The City of Jackson Hole adopted the following General Fund budget for the fiscal year: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous revenues 50,000 Total appropriations $ 4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of the fiscal year. (If...
The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues:...
The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes $ 3,000,000 Intergovernmental revenues 1,000,000 Licenses and permits 400,000 Fines and forfeits 150,000 Miscellaneous revenues 100,000 Total estimated revenues $ 4,650,000 Appropriations: General government $ 1,000,000 Public safety 2,000,000 Public works 950,000 Health and welfare 850,000 Miscellaneous 50,000 Total appropriations $ 4,850,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...
recording the adopted budget followingis a summaryof the operating budget adopted by westchester E3-24. Recording the...
recording the adopted budget
followingis a summaryof the operating budget adopted by
westchester
E3-24. Recording the adopted budget) Following is a summary of the operating budget endar year 2017. The actual budget document is almost 13 Prepare the journal entry to record the budget, assumin mary of the operating budget adopted by Westchester County, New York for the cal- e actual budget document is almost 750 pages, so the summary is highly condensed. al entry to record the budget, assuming...
what would be the budgetary fund balance?
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2017 that included revenues of $1137,500, bond proceeds of $580,000, appropriations of $947.500, and operating transfers out of $490,000. a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year? b. If this budget is formally integrated into the accounting records, what...
The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1: $15,500,000 875,000 400,000 125,000 75,000 $16,975,000 Estimated revenues : Taxes Intergovernmental revenues Licenses and permits Fines and forfeits Miscellaneous revenues Total estimated revenues Appropriations: General government Public safety Public works Health and welfare Miscellaneous Total appropriations $ 8,125,000 6,050,000 1,600,000 1,000,000 125,000 $16,900,000 Required a-1. Prepare the general journal entries to record the adopted budget at the beginning of the fiscal year. (If...
Required information [The following information applies to the questions displayed below.] The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary purposes, the city reports encumbrances in the Expenditures section of its budgetary comparison schedule for the General Fund but excludes expenditures chargeable to a prior year's appropriation. 1. The budget prepared for the fiscal year 2020 was as follows: Estimated Revenues: $1,943,000 372,000 397,000 62,000 Тахes Licenses and permits Intergovernmental revenue Miscellaneous revenues...
recording the adopted budget
followingis a summaryof the operating budget adopted by
westchester
E3-24. Recording the adopted budget) Following is a summary of the operating budget endar year 2017. The actual budget document is almost 13 Prepare the journal entry to record the budget, assumin mary of the operating budget adopted by Westchester County, New York for the cal- e actual budget document is almost 750 pages, so the summary is highly condensed. al entry to record the budget, assuming...
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