a. Which of the following inflows to a governmental fund would be classified as an Other...
a. Which of the following inflows to a governmental fund would be classified as an Other Financing Source?
a. sales tax
b. proceeds of bonds issued
c. sale of capital assets
d. both B and C
e. none of the above
b. The "available appropriation" in a subsidiary ledger at the end of the year is the same amount as the variance in the budgetary comparison statement.
True or False?
Homework Answers
1. (b) proceeds of bond issued
Explanation:
Sales Taxes are considered as revenues, proceeds of bond issue are considered under other financing sources and sale of capital asset is classified under special items in Governmental Fund.
2. True
Explanation: The available appropriation is the sum of unallocated expenses due to difference in actual and budgetary expenses; and variance in budgetary comparison statement also arises due to difference in standard estimates and actual expenses. Therefore, the statement is true.
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