for which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis?  why or why not?

Q: What is the purpose of reporting fund balance in five classifications? What is the difference…

A: A fund balance refers to the difference between the assets and liabilities of a government fund. If…

Q: At what point in time does a governmental fund report an expenditure?

A: Definition:   Governmental (expendable) funds: Governmental (expendable) funds are used in the state…

Q: Difference between financial statements and budgeted financial statements.

A: Financial statements are written records that convey the business activities and the financial…

Q: What are the two fund financial statements for governmental funds? What information does each…

A: Introduction Government Fund Financial statements includes General Funds, Special Revenue Fund, Debt…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

Q: budgetary

A: Budgetary accounts can be defined as those accounts which are prepared in order to reflect the…

Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

Q: When do liabilities show up in a fund's financial statements based on current financial resources…

A: Introduction Government liabilities include pension payments, salary payments, payments for…

Q: What measurement focus is used in government-wide financial statements, and what system is applied…

A: The "current resources focus" is the measurement focus which is used in fund financial statements…

Q: Under budgetary accounting, at what point in the accounting cycle is a portion of an entity's…

A: This relates to government’s budgetary perspective. The purpose of budgetary accounting is to…

Q: How are internal service funds reported on government-wide financial statements?

A: A government-wide financial statement is a comprehensive summary of all the major government funds,…

Q: mechanism ensure that funds have been properly allocated and spent

A: Proper Allocation of Funds: Proper allocation of fund is very important for the effective and…

Q: What is the difference in program revenues and general revenues? Why is that distinction important?

A: Program revenues refer to the revenues that are attributable directly to a specific functional…

Q: ________________________ is the financial statement element that captures amounts to be recognized…

A: Financial Statement Items: Financial statements are written documents that represent a company's…

Q: Define the term revenue expenditure.

A: Fixed Assets:   It refers to the long-term assets having a useful life of more than a year which…

Q: The governmental fund financial statements are intended to report on fiscal accountability.…

A: Fiscal accountability refers to developing and maintaining budget and independent fiscal review.

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: What are the two major divisions reported in government-wide financial statements? What funds are…

A: Two major divisions reported in government-wide financial statements: Business type activities…

Q: The Appropriations account of a governmental fund is credited when: O a. The budgetary accounts are…

A: Appropriation account can be defined the form of general ledger being prepared for the special…

Q: For which funds are budgetary comparison schedules or statements requires?

A:

Q: What are some major adjustments required when converting from fund financial statements to…

A: major adjustment for converting from fund financial statements to government-wide statements are…

Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…

A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…

Q: Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those…

A: There are various sources of receipts like donations, subscriptions and government grants. Donations…

Q: Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of…

A: Agencies reporting enterprise funds (a type of proprietary fund) or using enterprise fund accounting…

Q: Budget comparison schedules or statements are needed for which funds? Should the budgetary…

A: Here is the answer:

Q: The following are all output reports of the financial reporting system, EXCEPT a. variance analysis…

A: The financial reporting system (FRS) overview the financial resources of the organization. The…

Q: Where is the Fed Funds rate as of today? Are there any other steps that can be taken by the…

A: Fed funds rate is termed as the interrst rate that is applied on the loans which financial…

Q: Which of the following statements is correct? The General Fund, Special Revenue, and Debt Service…

A: The accrual basis is a technique of accounting that records revenue as it is earned and expenses as…

Q: Why are budgetary entries recorded in the individual funds of a state or local government?

A: Funds:   Funds refers to an amount of money which is set aside or saved by individuals, government,…

Q: Classify Revenue or capital expenditure?

A: Introduction: Revenue Expenditure: Its a Recurring expenditure. Expenditure spent with in 12 months…

Q: Describe the modified accrual foundation for accounting. For what purposes does it appear in the…

A: Accounting on a modified accrual basis: The modified accrual basis of accounting is a form of…

Q: ________________ is the action by which OMB distributes amounts available for obligation, including…

A: Receiving, managing, obligating, and tracking the use of appropriated funds are all part of the…

Q: How are interfund transfers reported in fund financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Explain the modified accrual foundation for accounting. In the context of governmental funds, why…

A: The modified accrual foundation of accounting is as follows: An accounting method known as the…

Q: Which of the following neither increases nor decreases fund balance of the General Fund during the…

A: General Fund- It is type of fund which can be used for any purpose of the entity. It is not stated…

Q: How are the sources of funds indicated?

A: firms can be evaluated using three financial statements: balance sheet income statement cashflow…

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.