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

Q: The modified accrual foundation of accounting is used by which fund category? Under the modified…

A: Introduction: Another accounting approach that combines accumulation premise bookkeeping and cash…

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

Q: Discuss the significance of public sector budgets from the perspective of a government agency ..in…

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

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: l assets used by governmental funds should be reporte

A: Since capital assets are used to create revenue, they are crucial to businesses. They also offer…

Q: Why is it important to include a budgetary committee in the budgeting process?

A: Budgeting is a process of forecasting of revenues, expenses, investments for the future period of…

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: accounts o

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

Q: What are the Cycles of Budgeting Process in Government?

A: The government's main aim will be to serve for the welfare of the people, and to maintain the…

Q: What is the role of the budgeting committee and its responsibilities?

A: Introduction: A budget committee is an official organization in charge of developing and overseeing…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: budget prepared

A: Annual Budget-: An Annual Budget lays out a firm's projected earnings and expenditures for a year or…

Q: the fund-based and government-wide financial statements of a state or local government and the…

A: Not-for-profit (NFP) entities:It is an individual or group of people who work together to attain…

Q: At the state and local levels, what is the most common first step in the budget preparation process?

A: The budget preparation process is a critical activity for state and local governments as it…

Q: What are the key sources of revenues among the federal, state, and local governments? What are the…

A: Federal Government revenue comes from individual income taxes, corporate income taxes, and payroll…

Q: Provide example of an internal service funds, describe the services provided and received within the…

A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…

Q: Describe the physical structure of a complete set of government-wide financial statements and a…

A: This question is answered generally by giving an overview of Governmental financial statements of…

Q: rces in the general fund get assigned to a specific

A: Resource  allocation is considered to  important  part of business and investment . it is important…

Q: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: Which of the following parties is responsible for administering the real estate budget? A. The…

A: A real estate budget is a financial plan that outlines the anticipated income and expenses…

Q: What costs necessitate the reporting of an expenditure by a governmental fund?

A: In a government fund, expenditures are recognised in the accounting period in which goods and…

Q: How do governmental funds report capital outlay in fund financial statements? How do government-wide…

A: Explain how governmental funds report capital outlay in fund financial statements and how government…

Q: What are the two different ways that supplies and prepaid items can be recorded on fund financial…

A: There are two different methods to record supplies and prepaid items on fund financial statements:…

Q: How are budget results shown in the financial reporting of a state or local government?

A: Comparisons between the original budget, the final budget (as amended) and actual figures must be…

Q: Which Statement is presented using the accrual basis of accounting? Multiple Choice A. Governmental…

A: The accrual basis of accounting is a system of documenting and reporting financial transactions in…

Q: governmental funds

A: Government uses income and expenditure account, general fund, receipts and payments account etc. to…

Q: statements

A: Net position, statement of net cost and statement of cash flows are common for both for profit…

Q: A government entity is required to include a statement of cash flows in which of the following…

A: The proprietary funds of a government entity include enterprise funds and internal service funds.…

Q: What are the measurement focuses and basis of accounting of governmental funds? What is the…

A: It is necessary that every government agency and department maintain accurate financial accounting…

Q: Prepare a statement of Revenues, Expenditures, and changes in fund balance for the governemental…

A: Following is  a statement of Revenues, Expenditures, and changes in fund balance for the…

Q: Which fund category uses modified accrual basis of accounting? What are the recognition rules of…

A: The government uses a different way to report their financial statements than the private sector…

Q: Which of the following statements is the intended goal or outcome of a traditional line-item budget?…

A: A traditional line-item budget is a type of budget format that presents the financial information by…

Q: Governmental funds focus on _______ financial resources.

A: current financial resources are those that are either cash or expected to be collected within a…

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: What are support departments, and why are their expenses shared? How are support department…

A: Departments in the company perform different activities respectively. The costs which relate to the…

Q: Net program expense is a measure of the extent to which a program is self-financing (versus needs…

A: A statement of activities states the reporting of the expenses and revenue of the nonprofit…

Q: Governmental financial statements report whether financial resources received during a period were…

A: Answer:-  Financial statement:- The business operations and financial performance of an organization…

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.