Which of the Following Would Not Be Considered a Budgetary

question 53

Multiple Choice

Which of the following would not be considered a budgetary account in the General Fund?

• A)Estimated Other Financial Sources
• B)Appropriations
• C)Estimated Revenues
• D)Fund Balances--Nonspendable

Understand the relationship between gross profit and operating income within a departmental context.

Understand the differentiation between direct and indirect expenses.

Grasp how to allocate indirect expenses based on various bases such as square footage, gross sales, and goods shipped.

Calculate the proportional allocation of expenses to different departments based on applicable allocation bases.

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Definitions:

General Ledger

A complete record of all financial transactions over the life of a company, used to compile financial statements.

Accounting Cycle

The complete process of collecting, recording, and processing financial transactions of a company, from when the transactions occur, to their representation in the financial statements.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made, used to prepare financial statements.

Temporary Accounts

Accounts used to record transactions during an accounting period, which are then transferred to permanent accounts at the end of the period.