Assume Estimated Revenues Exceed Appropriations

question 21

Multiple Choice

Assume estimated revenues exceed appropriations. When the budget for the General Fund is recorded, the journal entry will include:

• A) a credit to Budgetary Fund Balance.
• B) a credit to Estimated Revenues Control.
• C) a debit to Appropriations Control.
• D) a credit to Budgetary Fund Balance -- Reserve for Encumbrances.

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Definitions:

Stewards

Individuals or entities responsible for managing and looking after the property, wealth, or affairs of others, often with a focus on ensuring sustainability and prudent use of resources.

Alienated Followers

Individuals within a group or organization who feel estranged or detached from their leaders due to perceived lack of voice or value.

Independently

Acting or making decisions without the influence or assistance from others, implying autonomy in thoughts and actions.

Critically

Involves analyzing, evaluating, and synthesizing information in order to form a reasoned judgment or understanding.