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?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