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