If a Credit Was Made to the Fund Balance in the Process

question 13

Multiple Choice

If a credit was made to the fund balance in the process of recording a budget for a governmental unit, it can be assumed that:

• A) estimated expenses exceed actual revenues.
• B) actual expenses exceed estimated expenses.
• C) estimated revenues exceed appropriations.
• D) appropriations exceed estimated revenues.

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Definitions:

Terms

Conditions and stipulations under which agreements or contracts are made, including payment deadlines, interest rates, and duties of each party.

Invoices

A document sent by a seller to a buyer, detailing the products or services provided, their prices, and the total amount owed.

Trade Discount

A reduction in the listed price of goods or services, usually offered to members of the same trade or business sector.

Volume Purchase Discount

A volume purchase discount is a price reduction offered to buyers who purchase large quantities of goods or services.