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 4E
To determine
Identify the required transaction that is used for budgetary control purpose.
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E34 (Budgetary Accounts) Indicate which of the following transactions require entries to accounts that are used only for budgetary control
purposes, even if other accounts also are involved.
1. Adopted the budget estimated revenues of $5,000,000 and appropriations of $4,900,000.
2. Leved property taxes of $3.500.000. Historically, 1% has been uncollectible
3. Paid salaries of $2.700,000
4 Hired a new director of public works at an agreed salary of $00,000.
6. Ordered materials and supples expected to cost $103,000.
O Amended the appropriation for public works to inciease it by $10.000.
7. Received a portion of the matenials and supplies order at an actual cost of $51,500 and the estimated cost was $52.000
ES-6 (Budgetary and Other Entries-General Ledger) Prepate the general jouma entrles requiréd for the transactions in E3-4 Assuming a
beginnirig total fund batance of $1,000 000, wnat would the fotal fund balarice be ater taking into conaideration the etfeces of these
Iransactions?
"The sum of fund balance in the beginning of the year and estimated revenues are less than the Appropriations". Does it amount to:
O a. Compliance to state balance budget laws
O b. Violation of state balance budget laws
O c. Balanced budget
d. None of the above
The general ledger of the County of Konstantin contains the following selected account balances:
$91400
$35600
$16500
$5700
Appropriations
Outstanding Encumbrances
Expenditures
Vouchers Payable
Konstantin wants to order additional goods and services before the fiscal year end.
What is the unencumbered balance (i.e., the remaining authority) of the budget that may be expended by
Konstantin?
BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF
$1,000.
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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