ACC 548 Week 1 Comprehensive Annual Financial Report Briefing For more course tutorials visit
3 . Per GASB Statement No . 34 , a budget-to-actual comparison must include columns for the actual results and
4 . Apportionments are made during which phase of the budget cycle ? 5 . In adopting and recording the budget a government should 6 . In closing budgetary and expenditure accounts at year-end a government should 7 . The prime function of budgetary entries is to 8 . A government should debit an expenditure account upon 9 . If a government records the budget , and actual revenues exceed budgeted revenues , what would be the impact on the year-end financial statements ?
10 . A “ cash basis ” budget relative to a “ modified accrual basis ” budget
EX . 3-5 Both budgeted and actual revenues and expenditures are closed to the fund balance . The budgeted and actual revenues and expenditures of Seaside Township for a recent year ( in millions ) were as presented in the schedule that follows .
1 . Prepare journal entries to record the budget .
2 . Prepare journal entries to record the actual revenues and expenditures . Assume all transactions resulted in increases or decreases in cash . 3 . Prepare journal entries to close the accounts . 4 . ---------------------------------------------------------------------------------
ACC 548 Week 1 Comprehensive Annual Financial Report Briefing For more course tutorials visit