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: What are some of the functions of a state board of public accountancy?

A:

Q: Differentiate between the two sets of financial statements produced by state and local governments.

A: GASB:   GASB stands for Governmental Accounting Standards Board (GASB) is an independent private…

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: 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: In a governmental fund, which one of the following constitutes revenue?a. Cash received from another…

A: Tax: It refers to a financial obligation or charge that is imposed by the government on the income,…

Q: accounts o

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

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: What is the reason that fund accounting has traditionally been a prominent factor in the internal…

A: Fund refers to a self-balancing set of accounts including cash as well as other financial resources,…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

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: 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: What databases are appropriate for government accounting?

A: The term "Government Accounting" refers to recording & analyzing all income , expenses &…

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: expenditure and ho

A: Reasons for India's rising govt expenditures include: (i) Development Programs: The majority 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 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: 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 to prepare financial statements for a government agency and non-profit organization?

A: Non-profit organization is an organization which works for the development of the society and not…

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: The billings for transportation services provided to other governmental units are recorded by the…

A: Internal service funds play a crucial role in governmental accounting by documenting operations that…

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: 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: Discuss the common Revenues and Expenditure of Local Finance

A: Local finance means all the income and expenditure of a local government of a city. It covers all…

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: What is the basic structure of government-wide financial statements and fund financial statements…

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

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: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: What are the sources of finance for local government?

A: The local governments must generate sufficient revenues to finance their administrative operations.…

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.