Budgetary Comparison Schedules (Or Statements)must Be Prepared For

question 7

Multiple Choice

Budgetary comparison schedules (or statements) must be prepared for:

• A)major governmental and proprietary funds
• B)the General Fund and major Special Revenue Funds
• C)only major governmental funds
• D)all major fund and fiduciary funds

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Definitions:

Journal Entry

A record in accounting that logs the debit and credit sides of a financial transaction.

Deposits In Transit

Funds that have been deposited in a bank account but not yet recorded by the bank, leading to a difference between the company's records and the bank statement.

Outstanding Checks

Checks that have been written and recorded in the issuing company's books but have not yet been cleared by the bank.

Outstanding Checks

Checks that have been written and recorded in the issuing party's account but have not yet been cashed or cleared by the bank.