When the chief executive of a governmental submits a "balanced budget" to the legislative body, it usually means that:

Group of answer choices

The budget is balanced on the full accrual basis of accounting

The budget is balanced in accordance with generally accepted accounting principles

Proposed expenditures do not exceed estimated revenues and previously accumulated fund balances available for the year

Proposed expenditures do not exceed estimated tax revenues to be raised during the year

Which of the following classifications will not appear in the annual budget for a General Fund?

Group of answer choices

Depreciation

Capital outlay

Debt service

Expenditures - Supplies

At the beginning of the year, the Cortlandt City Council adopts a budget calling for estimated revenues of $480,000 and appropriations of $470,000. When the City prepares its journal entry to record the budget

Group of answer choices

The Budgetary fund balance account must be credited

The Budgetary fund balance account must be debited

Vista Village places an order for supplies and records an encumbrance. When the supplies are received, which of the following accounts is (are) debited?

Group of answer choices

Only Encumbrances

Only Budgetary fund balance reserved for encumbrances

Both Budgetary fund balance reserved for encumbrances and Expenditures

Both Encumbrances and Appropriations