F8-M7 Budgetary and Activity Accounting

Question 1

Estimated other finance sources

Answer 1

Interfund Transfers / Resources inflow / Proceeds of debt issue

Question 2

Estimated Revenues examples

Answer 2

Property Taxes/ licenses/ fines/ intergovernmental revenues

Question 3

Estimated Revenues

Answer 3

Debit - when budget is recorded

Question 4

Budgetary Control

Answer 4

Difference between Estimated revenues and Appropriations. If the excess of revenues over appropriations is credited to budgetary control.

If debt Budgetary control (Deficit)

actual results are compared with budgets. Any differences (variances) are made the responsibility of key individuals who can either exercise control action or revise the original budgets.

Question 5

Appropriations

Answer 5

Approved Spending ( estimated expenditures)

Question 6

Budgetary Account (debit?)

Answer 6

APPROPRIATIONS ARE GREATER THAN THE ESTIMATED REVENUE

Question 7

Unassigned fund balance

Answer 7

the amount of current resources carried forward into the following year that will be available for appropriations

Question 8

Increase Unassigned fund balance

Answer 8

actual expenditures were less than appropriations,

Question 9

BAE - BAE

Answer 9

Reverse for the same amount Beginning of the year - Budgetary Accounting. End of Year - closing the journal entry at period end to reverse the budget