Which of the following statements is true concerning the recording of a budget? Choose the correct.a. At the beginning of the year, debit Appropriations.b. A debit to the Budgetary Fund Balance account indicates an expected surplus.c. At the beginning of the year, debit Estimated Revenues.d. At the end of the year, credit Appropriations.

Which of the following statements is true concerning the recording of a budget? Choose the correct.a. At the beginning of the year, debit Appropriations.b. A debit to the Budgetary Fund Balance account indicates an expected surplus.c. At the beginning of the year, debit Estimated Revenues.d. At the end of the year, credit Appropriations.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 15MC: Which budget is the starting point in preparing financial budgets? the budgeted income statement the...

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Which of the following statements is true concerning the recording of a budget? At the beginning of the year, debit Appropriations. A debit to the Budgetary Fund Balance account indicates an expected surplus. At the beginning of the year, debit Estimated Revenues. At the end of the year, credit Appropriations.
Record the entry for the annual budget at the beginning of the year. (General Fund) Record the end-of-year removal of budget entry. (General Fund)
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 later entry is required?
The journal entry to re-establish an encumbrance from the prior year would include: Multiple Choice A debit to Budgetary Fund Balance – Reserve for Encumbrances. A credit to Appropriations Control. A credit to Budgetary Encumbrances. A debit to Encumbrances Control..
A budget is a historical record of the previous year’s financial activities; True or False
a. If this budget is formally integrated into the accounting records, what journal entry is required at the beginning of the year?
6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or False
Which of the following accounts are most likely to be used in a journal entry to record the budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Revenues b Expenditures C Appropriations d Fund Balance
Depreciation expense is included on the following budgets: A. Cash budget B. Income statement budget C. Balance sheet budget
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?
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 time
A plan that shows the expected cash inflows and cash outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans, is called a. A rolling budget. d. A cash budget. b. An income statement. e. An operating budget. c. A balance sheet.