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Unformatted text preview: fiscal year, and they cannot legally be exceeded unless subsequently amended by the legislative body. b. As the new fiscal year begins, the budget, already enacted in law by the legislative body, is recorded. Budgetary accounts are set up to record the estimated revenue and appropriations in the fund accounts by debiting estimated revenue and crediting appropriations. If there is a difference between estimated revenue and appropriations, the excess or deficit is credited or debited, respectively, to fund balance. In addition, subsidiary ledger accounts are maintained for estimated revenue by source and for appropriation/expenditure items. At the end of the fiscal year, the estimated revenue and the appropriations accounts are among other budgetary accounts closed out to the budgetary fund balance....
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This note was uploaded on 10/09/2011 for the course ACC 253 taught by Professor Strimling during the Fall '11 term at Harper.
- Fall '11