![]() ![]() On the other hand, profit is the total amount of revenue after you’ve deducted business expenses. Net income, sometimes referred to as “net profit,” is a single figure that represents a specific profit type. While both terms refer specifically to income amounts, they have different meanings. For that reason, net income and profit are terms that all business owners must understand. Staying abreast of profit is a smart financial habit that helps you understand how well your organization is doing moneywise. After all, we create businesses to generate profit. Show entries in the subsidiary ledger accounts.Financial success is top of mind for all business owners. Prepare the general journal entries to record the adopted budget at the beginning of the fiscalī. The Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July 1:Ī. The town’s balance sheet prepared as of September 30. Calculate the end-of-year balance for the Fund Balance-Unassigned that would be reported on Did the Town of York engage in imprudent budgeting practice by authorizing a greater amount ofĮxpenditures than revenues estimated for the year, or potentially violate town or state balanced-Ĭ. Prepare the journal entry to record the budget.ī. ![]() The following information is provided about the Town of York’s General Fund operating statement andīudgetary accounts for the fiscal year ended September 30. Appropriations minus the sum of expenditures and outstanding encumbrances.ĭ. Appropriations plus expenditures minus outstanding encumbrances.Ĭ. This type of budgetary control is achieved by reviewing:ī. To cover the cost of the item being ordered. Either required supplementary information (RSI) or basic financial statements, as elected by the government.īefore placing a purchase order, a department should check that available appropriations are sufficient Required supplementary information (RSI).ĭ. Under GASB requirements for external financial reporting, the budgetary comparison schedule (orĪ. Fund, organization unit, encumbrance, activity, character, and object. Fund, appropriation, organization unit, activity, character, and object.ĭ. Fund, function or program, organization unit, activity, character, and object.Ĭ. Fund, function or program, organization unit, source, and character.ī. Are included on the budgetary comparison schedule.Īn internal allocation of funds on a periodic basis, which is often used to regulate the use ofĪppropriations over a budgetary period, is calledĪccording to GASB standards, expenditures are classified byĪ. Decrease fund balances when they are closed at year-end.Ĭ. Which of the following statements is true for other financing uses but is not true for expenditures?ī. Property used by religious or charitable organizations. Property exempted from taxation by the government.Ĭ. Would likely be excluded from the calculation?ī. When determining taxable property for the purpose of the property tax levy, which of the following Which of the following accounts neither increases nor decreases the fund balance of the General Fund Either report as a direct expense of the function or program with which the related depreciable assets are identified or report as an indirect expense on a separate line if the depreciable assets benefit all functions or programs. Report as an indirect expense on a separate line if the depreciable assets benefit all functions orĭ. Report as a direct expense of the function or program with which the related depreciable assetsĬ. Report as a general expense in the bottom section of the statement of activities.ī. ![]() Which of the following is an acceptable method of reporting depreciation expense for depreciable assetsĪ. Program revenues minus expenses minus general revenues equals changes in net position. ![]() Net (expense) revenue plus general revenues equals change in net position.ĭ. Expenses minus program revenues equals net (expense) revenue. Revenues minus expenditures and outstanding encumbrances equals change in net position.Ĭ. Revenues minus expenses equals change in net position.ī. Which of the following best describes the recommended format for the government-wide statement ofĪ. ![]()
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