Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 3, Problem 25EP
The printout of the Revenues and Appropriations subsidiary ledger accounts for the General Fund of the City of Augusta for the first quarter of the fiscal year appeared as follows:
Required
Assuming that this printout is correct in all details and that there are no other General Fund revenue or expenditure transactions, answer the following questions. Show all necessary computations in good form.
- a. What were the original approved budget amounts for Estimated Revenues and for Appropriations?
- b.
- (1) Was the budget adjusted during the year?
- (2) If so, which accounts if any were adjusted and by how much?
- (3) In total, has Budgetary Fund Balance increased, decreased, or remained the same during the first fiscal quarter?
- c.
- (1) What are the current balances of the Estimated Revenues and Appropriations control accounts?
- (2) What are the current balances of the Revenues, Encumbrances, and Expenditures control accounts?
- (3) What do these balances indicate?
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Students have asked these similar questions
Which of the following accounts of a government agency is closed out at the end of the fiscal
year?
Select the correct response:
Appropriations
Vouchers payable.
Reserve for encumbrance
Fund balance
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.
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.
Chapter 3 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 3 - Prob. 1QCh. 3 - Discuss the different ways in which depreciation...Ch. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Explain the essential differences between revenues...Ch. 3 - Prob. 6QCh. 3 - How do Budgetary Fund Balance and Fund Balances...Ch. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - The city manager of University City is finalizing...Ch. 3 - Prob. 16.1EPCh. 3 - Prob. 16.2EPCh. 3 - Which of the following accounts neither increases...Ch. 3 - Prob. 16.4EPCh. 3 - Which of the following statements is true for...Ch. 3 - An internal allocation of funds on a periodic...Ch. 3 - Prob. 16.7EPCh. 3 - Prob. 16.8EPCh. 3 - Before placing a purchase order, a department...Ch. 3 - Prob. 16.10EPCh. 3 - Which of the following is correct concerning the...Ch. 3 - Prob. 16.12EPCh. 3 - Prob. 16.13EPCh. 3 - Prob. 16.14EPCh. 3 - Supplies ordered by the Public Works function of...Ch. 3 - Prob. 17EPCh. 3 - Prob. 18EPCh. 3 - Prob. 19EPCh. 3 - The following information is provided about the...Ch. 3 - On February 15, the Town of Evergreen police...Ch. 3 - The Town of Willingdon adopted the following...Ch. 3 - During July, the first month of the fiscal year,...Ch. 3 - The Town of Bedford Falls approved a General Fund...Ch. 3 - The printout of the Revenues and Appropriations...Ch. 3 - Review the computer-generated budgetary comparison...Ch. 3 - Prob. 27EPCh. 3 - Greenville has provided the following information...
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