FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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Which of the following statements is the intended goal or outcome of a traditional line-item budget?
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Estimate the costs of accomplishing measurable tasks or activities
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Provide mechanisms for expenditure control
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Focus attention on the value of public services provided
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Require crosswalks to identify appropriations to agencies
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- Explain why an effective budget requires an organisation to proper Strategicand operating plans in place.arrow_forwardBudget 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?arrow_forwardWhich of the following is a correct definition of budget? Select one: a. A financial and/or quantitative statement, prepared and approved prior to define period of time, of the policy to be pursued during that period for the purpose of attaining a given objective b. A financial statement which reports the achieved and not achieved objectives of the company for a period of time. c. A statement which includes the strategic objectives of a company to be achieved in the long term. d. A financial and/or quantitative statement, prepared and approved after a define period of time, of the policy pursued during that period for the purpose of evaluating the objectives achieved. Clear my choicearrow_forward
- Explain the budgetary process providing practical examples. This is in terms of Government Accounting.arrow_forwardIdentify some essential component of the annual budget process for a state or local government. How long might the process take?arrow_forward______________________involves developing objectives and preparing various budgets to achieve those objectivesarrow_forward
- Budgets in governmental organizations serve as all of the following except: a. Control mechanisms b. Management policy c. Means of communications d. Contractarrow_forwardBudgets define goals and objectives that can serve as_________________ for evaluating subsequentperformance.arrow_forwardWhat revenue sources allow this budget to be balanced in each year? What revenue source will have the greatest impact on the budget? What assumptions have been made with respect to revenue sources? What two expenditures will have the greatest impact upon the budget?arrow_forward
- The cornerstone of external financial reporting for governmental units and not-for-profit organizations is: a. to show the flow of financial resources b. to determine profit or loss c. to compare budgeted to actual resources d. accountabilityarrow_forwardThe purpose of an encumbrance is to: a. amend the budgeted appropriations. b. assist the administration to avoid overspending and plan for payment of expected liabilities c. record liabilities that will be paid beyond the period where funds are currently available. d. None of the abovearrow_forwardThe includes all other budgets to present a complete and comprehensive view of the company's financial position. A) zero-based budget O B) master budget O C) operating budget O D) financial budget O E) capital budgetarrow_forward
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