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At year-end, a city’s expenditures exceed its revenues.  When the accounts are closed, which of the following entries will be made to record this fact?

_____________ is a medieval European law established a uniform and unbiased system for deciding commercial disputes across borders and political boundaries.

This ancient Babylonian document covered contract law.

The City of Kent’s police department needs a new police car.  A police car is ordered at an estimated cost of $34,000 and the appropriate budgetary control journal entry is made.  When the car is received, the actual cost is $35,000. Which of the following is a part of the budgetary entry that should be made when the police car is received?

A town has a General Fund and an Enterprise Fund.  The town purchased a car for $42,000 cash.  What expenditure/expense should be recognized if the car was acquired with General Fund resources, and what should be recognized if the acquisition was in an Enterprise Fund?

The process by which parties to a contract perform their obligations in good faith and fulfil the terms of the contract is called

The city council passed a budget for its only Special Revenue Fund.  The budget included estimated revenues of $650,000 and appropriations of $700,000.  The budget was recorded in the general ledger at the beginning of the year and no amendments to the budget occurred during the year.  Which of the following is the correct entry that needs to be made to Budgetary fund balance to close the city’s budgetary accounts at its fiscal year-end?

A novation involves a ________ substitution?

A city orders a new fire truck.  A purchase order is placed for the fire truck in the amount of $225,000. The fire truck is received, but the actual cost of the truck was $228,000.  The city receives the fire truck and approves a payment for $228,000. Which of the following is a part of the budgetary journal entry that should be made when the fire truck is received?

The County legislature approved its 2023 budget. Revenues from property taxes are estimated to be $800,000. The assessed value of all the property in the county is $40 million. The County has received certificates for property tax exemptions of $3 million for homestead exemptions, $1.3 million for veterans, $700,000 for old age, and $5 million for nonprofits. The County believes all property taxes will be collectible.  What property tax rate per $1,000 of net assessed value must the County charge to collect sufficient property taxes to meet its $800,000 estimate?