To enhance control over both revenues and expenditures, a government health-care district incorporates its budget in its accounting system and encumbers all commitment. Prior to the start of the year, the governing board adopted a budget in which agency revenues were estimated at $6,000 and expenditures of $5,800 were appropriated.

During the year, the district engaged in the following transactions:

It collected $5,800 in fees, grants, taxes, and other revenues

It ordered goods and services for $3,000

During the year, it received, paid for , and used $2,800 worth of goods and services that had been previously encumbered. It expects to receive the remaining $200 in the following year.

It incurred $2,000 in other expenditures for goods and services that had not been encumbered

Q#1 1 pt:

List the four-phase cycle for government budget

Q#2 1pt:

Indicate in which phase cycle that budgetary entry should be reported

What is the Budgetary entry?

Q#3 1pt:

Does the Agency have budget available at the end of the current year to host a Christmas Party which

might cost $1,500 ?

Show formula and calculations to earn any point.

Q#4 1pt:

How much should the Revenue still to be recognized at the end of current year?

Show formula and calculations to earn any point.