Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Question
Chapter 3, Problem 11Q
To determine
Explain the manner in which the budgetary fund balance account is used, and its effect of recording the budget based on GAAP. Explain the manner in which the budgetary fund balance would be reported in the general fund
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Students have asked these similar questions
Which of the following is budgetary account:
a.
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b.
Revenue- fines and fees
c.
Voucher payable
d.
Unreserved fund balance
Does a budget provide guidlines of the application of the organisaion`s resources?
for which funds are budgetary comparison schedules or statements required?
should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
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Similar questions
- Which of the following is an operating budget? A. cash budget B. production budget C. tax budget D. capital budgetarrow_forwardFor which funds are budgetary comparison schedules or statements requires?arrow_forwardWhich of the following terms refers to a budgetary account, rather than actual account a. Unreserved Fund Balance b. Estimated revenue c. Revenue d. Expenditurearrow_forward
- In which section of the CAFR are the budget-to-actual comparisons of the major funds located? What accounting basis is used?arrow_forwardWhich is the budget state where expenditures exceed revenue? Group of answer choices Net Loss Balance Budget Surplus Deficitarrow_forwardDescribe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.arrow_forward
- Which of the following is part of the budget preparation process EXCEPT? a) Available resources b) Budget scope c) Budget format to be used d) Credit lines availablearrow_forwardWho are the participants in the budgetingprocess, and how do they participate?arrow_forwardWhat are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accountsarrow_forward
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