Budgetary Accounts Used in the General Fund Include Estimated Revenues

question 4

True/False

Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.

---

Definitions:

Differential Costs

The difference in total costs between two alternatives, helping in decision-making processes where alternatives are being considered.

Sunk Costs

Costs that have already been incurred and cannot be recovered or altered by future actions.

Sunk Cost

Refers to money that has already been spent and cannot be recovered, which should not influence future business decisions.

Standard Cost Formula

A predetermined cost of manufacturing a single unit or a number of product units during a specific period under normal conditions, used for budgeting and cost control.