What must the budgetary comparison include?
The budgetary comparison schedules will need to show the original budget, the final budget, and the actual budget (actual inflows and outflow. The entity may choose to include a separate column that shows the calculated variances between the final budget and actual results.
The variance column is “optional” and not required.
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What is the difference between a surplus and a deficit in budgetary accounting?
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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:
In budgetary accounting, what are the two methods that can be used to record expenditures?
Expenditures are considered to be a governmental funds allocation of its funding dollars on expenses. The expenditure will be recorded when the voucher payable is recorded (full accrual). The modified accrual basis of accounting will not delay the expenditures until the cash payment is made. The two allowable methods are the purchase method and consumption...
