Why did we need to subtract any accruals on 1/1x9 from the Actual balances under Budget Basis and add any Accruals on 12/31/x9?
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Why did we need to subtract any accruals on 1/1x9 from the Actual balances under Budget Basis and add any Accruals on 12/31/x9?
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- Which one of the following is the incorrect statement regarding Budgets? Select one: a. Budget is qualitative statement of policy b. All are correct statement regarding budget. C. Budget is a predetermined statement d. Budget prepared for a defined period of time6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or FalseWhy are budgets used if it's uncertain the actual revenues and expenses will match the estimated amounts?
- Which of the following is not included in the operating budget?what is the source document for realignment ofbudget transaction for budgetary accounts?A Budget deficit is a. The excess of revenues over expenditures for a particular year b. The excess of expenditures over revenues for a particular year c. All the options are wrong d. When revenues and expenditures are same for a particular year
- Which is the budget state where expenditures exceed revenue? Group of answer choices Net Loss Balance Budget Surplus DeficitWhich of the following accounts would appear on a budgeted balance sheet? Multiple Cholce All of the choices are correct. Income tax expense. Accounts receivable. Sales commissions. Depreciation expense.A budget is a historical record of the previous year’s financial activities; True or False
- What revenue sources allow this budget to be balanced in each year? What revenue source will have the greatest impact on the budget? What assumptions have been made with respect to revenue sources? What two expenditures will have the greatest impact upon the budget?Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?Which of the following appears on the budgeted balance sheet? * A. estimated sales B. estimated cost of goods sold C. estimated fixed selling expense D. estimated ending accounts receivable