31.Under GASB Statement 33 requirements for accrual accounting, property tax revenue should be recognized in the period that the tax is collected.
32.Under modified accrual accounting, property tax revenue should be recognized when measurable and available; available means collected no more than 90 days after year-end.
33.When recording the budget, an excess of estimated revenues over appropriations would be debited to Budgetary Fund Balance.
34.When a purchase order or contract is issued as authorized by an appropriation, it is known as an expenditure.
35.The budgetary account used to record budgeted revenues is called “Estimated Revenues Control."
36.The category “other financing sources” includes transfers from other funds, but not bond issue proceeds.
37.Examples of budgetary accounts include Estimated Revenues, Appropriations, and Estimated Other Financing Uses.
38.GASB requires that the budgetary basis of accounting for the General Fund used in the Budget-Actual Comparison Schedule be on the same modified accrual basis as the governmental fund Statement of Revenues, Expenditures and Changes in Fund Balance.
39.Under the modified accrual basis,property taxes are recognized in the period in which cash is received, regardless of when the taxes were levied.
40.When liabilities authorized by an appropriation have been incurred, the appropriation is said to be expended.