41.The Budgetary Comparison Schedule is considered a part of Required Supplementary Information in the Comprehensive Annual Financial Report.
42.Encumbrances are recorded when a purchase order is filled or a contract is executed.
43.Encumbrances are often deemed necessary for recurring expenditures such as payroll.
44.The Budgetary Comparison Schedule requires a column for the original budget, a column for the final revised budget, and a column for actual figures, computed on the accrual basis.
45.Budgetary accounts begin each year with a zero balance and are closed at the end of each year.
46.“Unexpended Appropriations Balance” may be interpreted as how much a government may continue to spend and remain within its budget.
47.Expenditure classification by character includes current, capital outlay, and debt service.
48.The journal entry to record a purchase order in the General Fund would be a debit to encumbrances control account and credit Accounts Payable
49.An appropriation is authorization for administrators to incur specified amounts of liabilities on behalf of the government for specified purposes.
50.Transfers from one fund to another are classified as expenditures in the fund making the transfer.