--%>
Assignment Help - homework help

Budgetary accounts

Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in the budgetary account for estimated revenue of a city. During the accounting period, no other entries would be made to the budgetary account for esti- mated or real revenue. Then the end of the accounting period, the budget entry would be reversed. Each budgetary account has subsidiary accounts associated with it. The estimated revenues budgetary account may have subsidiary accounts that identify the individual sources of the revenues by type, such as fines, licenses, property taxes etc. The budget amount is entered in the subsidiary accounts with a debit. The actual cash collections are entered as a credit in the subsidiary accounts, with the debit for the total to cash 

 

   Related Questions in Managerial Accounting

  • Q : Key elements of the Shell’s ethical code

    What are the key elements of the Shell’s ethical code? Describe in brief?

    		•
  • Q : Define Estimated Cost Estimated Cost :

    Estimated Cost: The procedure of projecting a future outcome in terms of cost, based on information accessible at the time. The estimated costs, instead of actual costs, are at times the basis for credits to work-in-process accounts a

    		•
  • Q : Asset retirement obligation Significant

    Significant costs associated with the disposal of asset. Accounting for asset retirement obligations requires estimating the cost and discounting estimate. The present value added to the asset's depreciable base and a liability is recorded for the obligation. Every year, interest expense is added

    		•
  • Q : Budget surplus Select the right answer

    Select the right answer of the question. If the economy has a standardized budget surplus, it means that: A) the public sector is exerting an expansionary impact on the economy. B) tax revenues would exceed government expenditures if full employment were achieved. C)

    		•
  • Q : Basic Fortran Project Fortran Project

    Fortran Project This is our last project of the semester. You have freedom to code anyway you like, but make sure to meet the minimum project requirements.&nb

    		•
  • Q : Duties of Partner The duties of each

    The duties of each partner: The partners are beneath a fiduciary duty towards one another to: Render true accounts; Account for private gains; and Refrain from competition with the partnership firm.

  • Q : Accounts payable Normal 0 false false

    Normal 0

  • Q : Write a short note on Not-for-profit

    Write a short note on Not-for-profit organizations?

    		•
  • Q : Developing objectives and plans in

    Write down a short note on the developing objectives and plans in decision making process?

    		•
  • Q : Cash flows from operating activities A

    A financial analysis tools that measures the need for financing. The formula is the cash-flow from operating activities divided by the cash paid for long-term asset. Cash paid for long-term assets can be found on the statement of cash-flow, in the investing-activities

    		•