What are your thoughts on the misappropriation of funds? Government budgets prevent public officials from spending outside their budgetary authority, and the increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts.
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What are your thoughts on the misappropriation of funds?
Government budgets prevent public officials from spending outside their budgetary authority, and the increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts.
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- Government budgets prevent public officials from spending outside their budgetary authority, and the increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts. What are your thoughts on misappropriation of funds based on the above statements?Government organizations and not-for-profit organizations (NPOs) are largely governed by their budgets, not the marketplace. Consequently, the budget, not the financial statements, is the most significant financial document. Nonetheless, most financial reports do not present much detail on the budget Do you think the coverage of the budget in the financial statements is adequate? Why?Government organizations and not-for-profit organizations (NPOs) are largely governed by their budgets, not the marketplace. Consequently, the budget, not the financial statements, is the most significant financial document. Nonetheless, most financial reports do not present much detail on the budget. How can a budget be described as important, but comprise a small component of the governmental financial reports?
- Which of the following statement is incorrect O a. Revenue management is important in controlling government revenues s important i Budgets are only used for revenue controls Budget is a critical tool for managing government revenue. b. c. O d. Government budget is a cyclical process.In your own words, explain comprehensively the government budget process. Why is there a need for each process to be done? What is the implication of the government processes to government growth and improvement? Why does the government use fund accounting? Explain in your own words the objective of government accounting and your role as future accountants in achieving such an objective.Explain to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for governmental entities. Explain why governments use fund accounting. Analyze the importance of budget and control of government resources. Explain how the GASB revenue and expense recognition model may improve the usefulness of the information governments report to the public. Format references according to APA guidelines.
- 1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?TRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…
- The encumbrances control account of a governmental unit is increased when a voucher payable isa. not recorded and the budgetary accounts are not closed.b. not recorded but the budgetary accounts are closed.c. recorded and the budgetary accounts are closed.d. recorded but the budgetary accounts are not closed.The governmental fund financial statements are intended to report on fiscal accountability. True or FalseDiscuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?