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what is the formal estimate of the resources that an organization plans to expend for specified purposes during a known time interva and the proposed means of acquiring these resourcesl?
budget
The budget conveys activities the organization plans to undertake and the organization expects to finance these activities. True or False?
True
The budget acts as a standard against which __________ and ___________ can be measured?
Efficiency and effectiveness
GASB requires that a budget be created under Federal Law?
No, budget is strongly recommended. Most state laws that require a budget.
What are general-purpose budgets used by organizations to formalize their activities of a given period, and is used by virtually all governments for the General and Special Revenue Funds?
Operating Budgets
How do you calculate a tax levy?
Amount to be collected (estimated tax revenue) * Estimated uncollectible property taxes (100%-percentage expected to low % ex 5%)= Required tax levy

Then Total assessed value
- Property not taxable
-exemptions
= Net assessed value

Then levy =Required tax levy/Net assessed value

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By comparing actual expenditures with budgeted appropriations, managers, legislators, and other decision makers can judge the organization's financial performance and take corrective action if necessary? True or False
True
Revenues should be budget and accounted for at a minimum of (2) fund accounts and (1) source within that fund. True or False
FALSE the minimum is (1) fund and (2) sources within that fund
This refers to the level of subclassification within the expenditures budget at which expenditures cannot legally exceed budgeted amounts?
legal level of budgetary control
A high level of budgetary control restricts a manager in making spending decisions? True or False
False- A high level of control provides the manager with the ability to spend at their discretion.
At any time available approriations = total appropriations - the ecumbrances balance - the expenditures balance? True or False
True
What are budgetary interchanges?
It's when there are unplanned expenses and appropriations are transferred from one fund to another.

Appropriations-(from fund)    xxx.xx
   Appropriations-(To fund)         xxx.xx

Appropriations have a credit balance so debit to reverse!
STUDY THE IMAGE FOR LEVELS OF BUDGETARY CONTROL-REVENUES
STUDY THE IMAGE FOR LEVELS OF BUDGETARY CONTROL-EXPENDITURES
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