A city formally adopted a budget at the beginning of the current year.Budgeted revenues were $500 and budgeted expenditures were $490.During the year actual revenues were $520 and actual expenditures were $480.Which of the following statements is true with regard to Fund Balance at the end of the current year.Fund balance at the end of the current year in comparison to fund balance at the end of the preceding year will be
A)$10 greater.
B)$30 greater.
C)$40 greater.
D)$50 greater.

Question

Quizplus · Accepted Answer

The fund balance increased by the difference between actual revenues and actual expenditures, which is $520 - $480 = $40.

A City Formally Adopted a Budget at the Beginning of the Current