In a town's general fund operating budget for the year,the amount of its estimated revenues exceeded the amount of its appropriations.This excess should be:
A)credited to Budgetary Fund Balance-Unassigned.
B)debited to Budgetary Fund Balance-Unassigned.
C)credited to Fund Balance-Unassigned.
D)debited to Fund Balance-Unassigned.

Question

Quizplus · Accepted Answer

The excess of estimated revenues over appropriations is called a surplus. Surpluses are credited to the Budgetary Fund Balance-Unassigned account, which represents resources available for future budgetary needs. This account is used to carry over the remaining budgetary resources from the prior fiscal year to the current year. Therefore, option A is the correct choice.

In a Town's General Fund Operating Budget for the Year,the