Assuming there is a budget surplus,which of the following accounts are credited when the general fund records its operating budget at the beginning of the year?
A)Appropriations Control and Budgetary Fund Balance-Unassigned.
B)Estimated Revenues Control and Estimated Residual Equity Transfer Out.
C)Budgetary Fund Balance-Assigned For Encumbrances and Expenditures.
D)Estimated Residual Equity Transfer Out and Estimated Transfer In.

Question

Quizplus · Accepted Answer

When the general fund records its operating budget at the beginning of the fiscal year, the accounts credited are Appropriations Control, which represents the authority to incur obligations for expenditures, and Budgetary Fund Balance-Unassigned, which reflects the portion of fund balance that is not constrained for a specific purpose and can be used for any general government purpose. This entry reflects the establishment of the budgetary authority for the year.

Assuming There Is a Budget Surplus,which of the Following Accounts