Answered: In the recording of a city’s budget,…

In the recording of a city’s budget, which one of the following accounts is debited? a. Appropriations b. Estimated Revenues c. Estimated Other Financing Uses d. Encumbrances

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 10DQ: Give an example of how the capital expenditures budget affects other operating budgets.

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Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

Question

In the recording of a city’s budget, which one of the following accounts is debited?
a. Appropriations
b. Estimated Revenues
c. Estimated Other Financing Uses
d. Encumbrances

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