--%>

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 : Number of Partners in Partnership What

    What is the maximum and minimum number of partners in each and every type of partnership? Answer: There must be at least two persons to build a Partnership. The maxi

  • Q : Problem related to budget surplus Refer

    Refer to the below data. A budget surplus occurred in year: A) 2. B) 3. C) 4. D) 6. Provide solution of th

  • Q : Define Employee Stock Ownership

    Employee Stock Ownership: It is a qualified, defined contribution, employee benefit (that is, ERISA) plan designed to invest mainly in the stock of sponsoring employer. ESOPs are "qualified" in the logic that the ESOP's sponsoring company, the selling

  • Q : Define Partnership deed Partnership

    Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.

  • Q : Influence of lack of partnership deed

    Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p

  • Q : How useful is the management accounting

    Briefly define how useful is the management accounting information is?

  • Q : Things which Strengths comprises Write

    Write a brief note on the things which Strengths comprises?

  • Q : Reconstitution of Partnership Meaning

    Meaning of Reconstitution: Any alter in agreement of partnership is termed as reconstitution of partnership firm. In following circumstances a partnership firm might be reconstituted: A) Alter in Profit Sharing Rat

  • Q : Analysis on Business Profile BUSINESS

    BUSINESS PROFILES:Go to the following webpage by clicking on the link or by copying and pasting the URL into your web browser:After opening the link, you will see a small cover page of the West Newsmagazine’s publication titled “Business Profiles&rdq

  • Q : Budgetary accounts Accounts used in

    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