In a Town's General Fund Operating Budget for the Year,the

question 57

Multiple Choice

In a town's general fund operating budget for the year,the amount of its estimated revenues exceeded the amount of its appropriations.This excess should be:

• A)credited to Budgetary Fund Balance-Unassigned.
• B)debited to Budgetary Fund Balance-Unassigned.
• C)credited to Fund Balance-Unassigned.
• D)debited to Fund Balance-Unassigned.

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Definitions:

Consolidated Income Tax Return

A combined tax return for a parent company and its subsidiaries, allowing the entire group to be treated as a single entity for tax purposes.

Subsidiaries

Companies that are controlled by another company, known as the parent company, through ownership of the majority of voting stock.

Intra-entity Gains

Profits realized from transactions within the same entity, often eliminated in preparation of the consolidated financial statements.