Q1.The council of the Town of Tulia approved the 2023 budget as follows:

Budgeted 2023 revenues from:

Property taxes $5,000,000

Sales taxes $1,000,000

Appropriations for 2023:

Salaries $4,600,000

Materials $1,200,000

Equipment $100,000

During 2023, the towns mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.

Required:

a. Prepare the general journal entry necessary to initially record the budget.

b. Prepare the general journal entry necessary to record the budget revision.

Q.2 Distinguish between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.

Question 3: (5 Marks)

What do you mean by Activities Disscuss all Types of with details examples.

Answer