What is the difference between a surplus and a deficit in budgetary accounting?
In budgetary accounting, a surplus will exist if estimated revenues exceed the amount of formally approved expenditures. A deficit will exist if estimated revenues are less than the amount of formally approved expenditures. The visual below shows how you can easily calculate a surplus or deficit!
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You might also be interested in... What are derived tax revenues in budgetary accounting?
Derived tax revenues will result from an assessment imposed by governments based on exchange transactions (e.g. personal income tax, sales tax etc.) The primary characteristics of derived tax revenues consist of: 1) The assessing government will impose the provision of resources on the provider. 2) The government’s assessment is on an exchange transaction.
What are imposed non-exchange revenues in budgetary accounting?
Imposed non-exchange revenues will result from the assessments by governments on nongovernmental entities (including individual taxpayers). Imposed non-exchange revenues consists of the following:
What are derived tax revenues in budgetary accounting?
Derived tax revenues will result from an assessment imposed by governments based on exchange transactions (e.g. personal income tax, sales tax etc.) The primary characteristics of derived tax revenues consist of: 1) The assessing government will impose the provision of resources on the provider. 2) The government’s assessment is on an exchange transaction.
What are imposed non-exchange revenues in budgetary accounting?
Imposed non-exchange revenues will result from the assessments by governments on nongovernmental entities (including individual taxpayers). Imposed non-exchange revenues consists of the following:
