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Participant The revenues control account of a governmental unit is increased when: A. the encumbrance account is decreased. B. appropriations are recorded. C. property taxes are recorded. D. the budget is recorded. The answer is C. I’m confused. It could be because of my lack of knowledge of govt accounting. I thought it was D. When the budget is recorded, you debt estimated revenue control and credit appropriations; thus increasing revenue control account. One thing that I HATE about govt acct is the the terms are sometimes not consistently used and they’re not the exact same terms (using both Becker and Ninja I’ve noticed this). On one page it would refer to it as “estimated revenues” and on the next page it would refer to it as “estimated revenues control”. I don’t know about everyone else but that honestly confuses the hell out of me. The answer gives this explanation “Crediting the revenues control account signifies either that cash has been collected, or that a valid receivable exists. In practice, when property taxes are levied, a receivable is created. The debit to property taxes receivable is offset by a credit to revenues to the extent that the taxes are “susceptible to accrual;” that is, both measurable and available to pay liabilities of the fiscal period. (To the extent that receivable items do not meet the susceptible to accrual criteria, deferred revenues, a liability, is credited.) Budgetary events and accounts (the other answer choices) do not affect the revenue control account.” From this explanation I’m starting to think “revenue control”=actual money collected and “estimated revenue control”=imaginary money through budgeting. Formerly-DAB Reg 80 Bec 80 Far 73 75 Aud 69 89 Done! Time to live life again! Derived (non-exchange) tax revenues represent: Taxes imposed on or derived from exchange transactions such as commercial sales (sales tax) Imposed non-exchange revenues include: Measurable is defined as ______________ A known amount Under Modified Accrual Accounting, the issuing of a purchase order (commitment to purchase) is recorded for internal bookkeeping as: DR: Encumbrance A balanced budget demonstrates: The revenues control account of a governmental unit is increased when: Property taxes are recorded. When property taxes are levied, the following journal entry is made: The estimated revenues control account of a governmental unit is debited when: The budget is recorded. The entry to record the budget is: Journal entry for when purchase order is issued: DR: Encumbrances Journal entry for when the invoice/supplies are received: DR: Budgetary Control Total assets less total liabilities A budgetary control (open purchase orders) account balance in excess of a balance of encumbrances indicates: The estimated revenues control account balance of a governmental fund type is eliminated when: The budgetary accounts are closed. Journal entry to record budget when appropriations exceed the estimated revenues: DR: Estimated
Revenues Journal entry to close the budget at the end of the year would be: General Fund Balance Formula "BAE" Property taxes, licenses, and intergovernmental revenues. Transfers would be considered estimated other financing sources. Recommended textbook solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions
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Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Accounting23rd EditionCarl S Warren, James M Reeve, Jonathan E. Duchac 2,210 solutions When the budget of a government is adopted and estimated revenues exceed appropriations the excess is?In a government setting, a budget surplus occurs when tax revenues in a calendar year exceed government expenditures. The United States government has only achieved a budget surplus four times since 1970.
What is the first step a government takes in acquiring goods or services through the General Fund?The first step a government takes in the process of acquiring the goods or acquiring the services through the general fund is appropriation. Government appropriates the funds into different categories where a fund of every category is used for that particular purchase.
Which of the following accounts of a government is debited when a purchase order is approved?Which of the following accounts of a governmental unit is debited when a purchase order is approved? Encumbrances.
How should wages that have been earned by the employees of a governmental unit but not paid be recorded in the General Fund?Wages that have been earned by the employees of a governmental unit, but not paid at year-end, should be recorded in the General Fund by a debit to which of the following accounts? Expenditures. The modified accrual basis is a distinct system of accounting that: Records expenditures and fund balances.
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The estimated revenues control account of a governmental unit is eliminated when
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