The County Commission of Seminole County Adopted Its General Fund

question 36

Multiple Choice

The County Commission of Seminole County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $13,200,000 and appropriations of $12,900,000. Seminole County utilizes the budgetary accounts required by GASB standards. The journal entry to record budgeted appropriations will include:

• A) A credit to Appropriations, $12,900,000.
• B) A credit to Encumbrances, $12,900,000.
• C) A debit to Estimated Expenditures, $12,900,000.
• D) A credit to Budgetary Fund Balance, $12,900,000.

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Definitions:

Marginal Product

The extra output that is produced by using one more unit of a factor of production, like labor or capital, holding other factors constant.

Level of Employment

The sum of all individuals currently holding either full-time or part-time jobs within the economy.

Motor Manufacturing Technology

The techniques, machinery, and processes used in the production of motors and engines.

Marginal Revenue

The additional revenue gained from selling one more unit of a good or service.