When the Budget of a Government Is Recorded and Appropriations

question 73

Multiple Choice

When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Budgetary Fund Balance account is:

• A) Credited at the beginning of the year and debited at the end of the year.
• B) Credited at the beginning of the year and no entry is made at the end of the year.
• C) Debited at the beginning of the year and no entry is made at the end of the year.
• D) Debited at the beginning of the year and credited at the end of the year.

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Definitions:

Price

The figure set as the cost or value of a transaction for a product or service in the marketplace.

Apples

A common fruit cultivated worldwide, also used metaphorically to represent simple examples in economic models.

Demand Function

A mathematical expression that specifies the quantity of a good or service purchased at various prices.

Income

The total money received by an individual or household from various sources like wages, investments, and benefits, over a specified period, often used to fund expenditures.