Answer to Question #183737 in Accounting for Milan

Question

Is Budgetary Control an expense account?

Is Estimated Revenue Control a revenue account?

Is Appropriations an asset, liability, revenue, or expense account? Which one is it?

Is Encumbrance an asset, liability, revenue, or expense account? Which one is it?

Answer 1

Solution:

Is Budgetary Control an expense account? – Yes, budgetary control is a kind of expense account that controls the various costs incurred by a business.

Is Estimated Revenue Control a revenue account? – Yes, estimated revenue control is a kind of revenue account that reports projected earnings for a given accounting period.

Is Appropriations an asset, liability, revenue, or expense account? Which one is it? Appropriations is an expense account as it shows how an organization’s funds are distributed among partners, shareholders and departments.

Is Encumbrance an asset, liability, revenue, or expense account? Which one is it? Encumbrance is a liability account. It refers to restricted funds inside an account that are reserved to cater for a particular liability in the future.