Government officials of the City of Jones expect to receive General Fund revenues of $400,000 in 2010 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.
a. In recording this budget, appropriations should be credited initially for $380,000.
b. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.
c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.
d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus.
e. The reporting of the budget is reflected in the government-wide financial statements.
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Government officials of the City of Jones expect to receive General Fund revenues of $400,000 in 2010 but approve spending only $380,000. Later in the year, as they receive more information, they increase the revenue projection to $420,000. Officials approve the spending of an additional $15,000. For each of the following, indicate whether the statement is true or false and, if false, explain why.
a. In recording this budget, appropriations should be credited initially for $380,000.
b. The city must disclose this budgetary data within the required supplemental information section reported after the notes to the financial statements.
c. When reporting budgetary information for the year, three figures should be reported: amended budget, initial budget, and actual figures.
d. In making the budgetary entry, a debit must be made to some type of Fund Balance account to indicate the projected surplus.
e. The reporting of the budget is reflected in the government-wide financial statements.
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