Any increase in government spending must be offset by an increase in revenue and/or cuts in spending elsewhere in the budget.
<h3>What does Texas Constitution require a balanced budget?</h3>
- Texas always keeps its budget balanced because the State Constitution demands it. The Texas state and local sales taxes exceed 10% of the individual transaction price. The primary operating fund for Texas is the General Revenue Dedicated Fund.
- A constitutional amendment known as the "balanced budget amendment" would restrict government spending to the amount of revenue it receives. Spending would need to be under control by the federal government.
An amendment to the texas constitution requires a balanced budget. This means that any increase in government spending must be offset by an increase in revenue and/or cuts in spending elsewhere in the budget.
According to a balanced budget, a government should not spend more than its income. Thus projected incomes and expenditures should be equal.
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Answer:
$23,000
Explanation:
Before recording the journal entry, first we have to determine the pension expense amount which is shown below:
Pension expense = service cost + interest cost - expected return on plan assets
= $18,000 + $5,000 - $10,000
= $13,000
Now the journal entry would be
Pension expense A/c Dr $13,000
Plan asset A/c Dr $10,000
To PBO A/c $23,000
(Being the annual pension cost is recorded)
All other information which is given is not relevant. Hence, ignored it
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Answer:
Opportunity cost
Explanation:
The opportunity cost Bob's brother Joe $20,000. Remember, the term Opportunity cost refers to the cost (loss in this context) incurred when one forgoes an alternative best option–holding them in a brokerage account, in place for a less beneficial one.
Thus, Bob chose the best alternative over his brother.