What are the financial implications of a situation in which the debits to aggregated Estimated revenues are less than the aggregated credits to Appropriations?
Answer to relevant QuestionsGive examples of liabilities that must be accrued under the modified accrual basis of accounting, and explain why those accruals must be made. The newly elected mayor of Oksford noticed that in the recently enacted budget of that city’s General Fund, revenues exceed expenditures by $ 15,000. Later that year, after a hurricane caused a large amount of damage, she ...A local government operates on a calendar year basis. Prepare journal entries to record the following transactions and events for calendar year 2012: 1. On February 1, 2012, borrowed $ 100,000 on tax anticipation notes ...(Multiple choice) 1. Under the modified accrual basis of accounting, when are revenues considered to be available? a. When earned b. When cash is received c. When measurable with reasonable accuracy d. When collectible in ...What is the basic rule for recognizing intergovernmental grant revenues in governmental- type funds?
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