If the fund balance of a Special Revenue Fund in a debit side of the closing entry at the end of the fiscal year, it means that

a.

actual revenues are less than estimated revenues

b.

expenditures consistently exceeded encumbrances

c.

total expenditures exceed total revenue

d.

estimated revenues are less than expenditures for the year

Clear my choice

2.Which of the following best describes the general principle for recognizing property tax revenues in the General Fund?

a.

They should be recognized in the current period to the extent collected and also if collected early in the following year

b.

They should be recognized in the current period to the extent that cash is collected

c.

They should be recognized for the entire amount levied for the current period, regardless of when they are collected in cash

d.

They should be recognized in the current period, less appropriate allowances for uncollectible accounts, tax refunds, and discounts