P. 1-6 Choice of accounting principles may bave sigmificant economic 9 consequences 9 In preparing...
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Accounting
P. 1-6 Choice of accounting principles may bave sigmificant economic 9 consequences 9 In preparing its budget proposals, a city's budget com- 4) mittee initially estimated that total revenues would be $120 million and 1 1 8 total expenditures would be S123 million. In light of the balanced budget requirements that the city has to meet, the committee proposed several measures to either increase revenues or decrease expenditures. They included the following 1. Delay the payment of S0.4 million of city bills from the last week of the fiseal year covered by the budget to the al first week of the next fiscal year. ng 2. Change the way property taxes are accounted for in ethe budget. Currently, property taxes are counted as en revenues only if they are expected to be collected during nd the budgst year. New budgetary princples would permit the city to include as revenues all taxes expected to be ter collected within 60 days of the following fiscal year in addition to those collected during the year. The Print Pages
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