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Agency funds are purely custodial in nature which is why the fund wouldn't have revenue or expenses. The fund balance sheets show only assets (such as cash and investment) and liabilities (which is the amounts owned to the beneficiaries). Assets always equal liabilities which is why there are no net assets
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How do you monitor and control actual expenses and revenue against projected expenses and revenue?
how to monitor and control expenses against budget/
What is the importance of revenue to a business?
revenue is what pays the expenses of running the business and hopefully you can even make enough revenue above expenses to make a profit
What is the meaning of revenue expenses in financial accounting?
Revenue expenses are those expenses which are incurred for every fiscal year to earn revenue for specific fiscal year and are recurring nature like salaries etc.
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
Is it true that a loss occurs when your revenue exceeds your expenses?
False, revenue is gain
How do you monitor and control actual expenses and revenue against projected expenses and revenue?
how to monitor and control expenses against budget/
When was Revenue Equalization Reserve Fund created?
Revenue Equalization Reserve Fund was created in 1956.
What Fund covers unexpected expenses?
An emergency fund covers unexpected expenses. It is suggested that an emergency fund be able to cover at least 6 months of expenses in the case of an emergency.
Does social security that you pay in your paychecks provide current revenue to meet current federal expenses?
The amounts go into a trust fund and are used as needed for that purpose.
When was Canada Revenue Agency created?
Canada Revenue Agency was created in 2003.
What is the importance of revenue to a business?
revenue is what pays the expenses of running the business and hopefully you can even make enough revenue above expenses to make a profit
Is an agency fund a fiduciary fund?
Yes.
What is the meaning of revenue expenses in financial accounting?
Revenue expenses are those expenses which are incurred for every fiscal year to earn revenue for specific fiscal year and are recurring nature like salaries etc.
Does net loss occurs when expenses are less than revenue?
Net Income : When Revenue is greater than Expenses. Net loss : When Expenses are greater than Revenue. References : Basic Accounting (111) Book .
What is journal entry for fluctuating fund system?
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
What fund measures the states fiscal health?
The general revenue fund (?)
What is the term used to describe the difference between revenue and expenses?
Revenue is the amount of money a business/person makes as a whole. Expenses are things that a business/person has to pay for with their revenue such as utilities that a business uses. What's left over from the revenue after the expenses are paid for is profit.
