A City Formally Adopted a Budget at the Beginning of the Current

question 23

Multiple Choice

A city formally adopted a budget at the beginning of the current year.Budgeted revenues were $500 and budgeted expenditures were $490.During the year actual revenues were $520 and actual expenditures were $480.Which of the following statements is true with regard to Fund Balance at the end of the current year.Fund balance at the end of the current year in comparison to fund balance at the end of the preceding year will be

• A)$10 greater.
• B)$30 greater.
• C)$40 greater.
• D)$50 greater.

---

Definitions:

Mini Meals

Small, often nutritious, portions of food intended to meet daily dietary needs without the structure of traditional meal times.

Profit Equation

A mathematical formula used to calculate the difference between a company's total income and its total expenses, identifying net profit or loss.

Unit Price

The cost per unit of measure or quantity of a product, making it easier to compare costs among similar products.

Quantity Sold

The total number of units of a product or service that have been sold within a specific time period.