A Governmental Entity Has Formally Integrated the Budget into Its

question 35

Multiple Choice

A governmental entity has formally integrated the budget into its accounting records. At the end of the third quarter the ledger account "Expenditures--salaries" has a $100,000 debit balance. Which of the following is a true statement?

• A) The entity has $100,000 available to spend on salaries.
• B) The entity has incurred salaries in the amount of $100,000.
• C) The entity had paid salaries in the amount of $100,000.
• D) The entity has overspent its budget for salaries by $100,000.

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Definitions:

U.S. Constitution

The supreme law of the United States, outlining the national frame of government, the division of powers, and the rights and protections of citizens.

Safeguards

Measures implemented to protect against harm, damage, theft, or unauthorized access.

Federal

Relating to the central government of a federation rather than state, local, or provincial authorities.

State Courts

Judiciary bodies within individual U.S. states responsible for interpreting and applying state laws and constitutions.