Author Question: Which of the following basis of accounting should be used when preparing a budgetary comparison ... (Read 93 times)

berenicecastro · **on:** Jul 5, 2018

Which of the following basis of accounting should be used when preparing a budgetary comparison schedule for a government's General Fund?

a. budgetary basis of accounting
b. accrual basis of accounting
c. modified accrual basis of accounting
d. GASB recommends the accrual basis of accounting be used, but does not require it.

Question 2

An agency makes an internal preliminary request for the purchase of 75,000 of equipment and supplies with an anticipated cost of 10,000 . The budgetary entry made by the agency would be
dr cr

a. Expenditures 10,000Capital Assets 75,000 Appropriations 85,000
b. Allotments Realized Resources 85,000Commitments 85,000
c. Appropriations 85,000
Commitments 85,000
d. Appropriations 85,000
Allotments 85,000