At the start of the fiscal year, Springfield City estimated an excess of outflows over inflows....
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At the start of the fiscal year, Springfield City estimated an excess of outflows over inflows. By year- end, actual inflows exceeded outflows. Springfield would have: a. Credited budgetary fund balance at year-end and debited it at the beginning of the year. b. Debited budgetary fund balance at year-end and credited it at the beginning of the year. c. Debited unassigned fund balance at yearend. d. Credited unassigned fund balance at the beginning of the year. C RA P CPA Al n d At the start of the fiscal year, Springfield City estimated an excess of outflows over inflows. By year- end, actual inflows exceeded outflows. Springfield would have: a. Credited budgetary fund balance at year-end and debited it at the beginning of the year. b. Debited budgetary fund balance at year-end and credited it at the beginning of the year. c. Debited unassigned fund balance at yearend. d. Credited unassigned fund balance at the beginning of the year. C RA P CPA Al n d
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The answer is B The beginning budgetary fund balance represe... View the full answer
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118983270
7th edition
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
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