Explain the budgetary process providing practical examples. This is in terms of Government Accounting.
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Explain the budgetary process providing practical examples. This is in terms of Government Accounting.
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- Why are budgetary entries recorded in the individual funds of a state or local government?Why accounting for budgetary accounts, Accounting for Disbursement, Revenue Receipts and other transactions important in government accounting.Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?
- How are budget results shown in the financial reporting of a state or local government?Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities
- Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.1 . Discuss the significance of public sector budgets from the perspective of a government agency ..in more wordsUsing information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.
- How are internal service funds reported on government-wide financial statements?What information is necessary for the operating budgets?Which budget is the starting point in preparing financial budgets? the budgeted income statement the budgeted balance sheet the capital expense budget the cash receipts budget
