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:

Bell Curve

A graphical representation of a normal distribution, indicating that most instances occur near the mean and fewer occur as one moves away from the mean.

Skewed

Describes data that are not symmetrically distributed around the mean, often indicating a bias or anomaly in the data collection or population.

Knowledge Bases

A centralized repository of information or a database where knowledge, facts, and data are stored.

Isolated Investigations

Research studies conducted independently or in segregation, without connection to broader studies or works.