A Governmental Entity Has Formally Integrated the Budget into Its

question 17

Multiple Choice

A governmental entity has formally integrated the budget into its accounting records.At year-end the ledger account "Revenues from property taxes" has a debit balance.Which of the following is the best explanation for the debit balance?

• A)The entity overestimated property tax revenue when preparing its budget.
• B)The entity underestimated property tax revenue when preparing its budget.
• C)The entity collected more in property taxes than it anticipated.
• D)There is no logical explanation; revenue accounts usually do not have debit balances.

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Definitions:

Sherman Act

A foundational antitrust law in the United States enacted in 1890 that prohibits monopolistic practices and promotes competition.

Enacted

Refers to the action of making a bill or proposal into law following its approval by legislative authorities.

Eliminated

Removed or gotten rid of completely.

Group Boycotts

A collective refusal by a group of businesses or individuals to deal with a particular company or person in order to pressure them or to punish them.