Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 12, Problem 16.4EP
The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that
- a. The accounting system should provide the basis for appropriate budgetary control.
- b. Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
- c. Annual budgets should be adopted by each government.
- d. All of the above.
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Students have asked these similar questions
8.
All of the following are requirements unique to a government entity. Which is not?
Group of answer choices
Accrual basis of accounting
Fund cluster accounting
Incorporating budgetary controls in the financial reporting system
Presenting budget information in the financial statements
Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?
Which of the following statements is the intended goal or outcome of a traditional line-item budget?
Estimate the costs of accomplishing measurable tasks or activities
Provide mechanisms for expenditure control
Focus attention on the value of public services provided
Require crosswalks to identify appropriations to agencies
Chapter 12 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- How are budget results shown in the financial reporting of a state or local government?arrow_forward1 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.arrow_forwardAt the state and local levels, what is the most common first step in the budget preparation process?arrow_forward
- 42. A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning Individualarrow_forwardOn what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.arrow_forward1. Briefly describe the two types of financial statements that government are required to issue under GASB 34 2. Why do governments make a journal entry to record the budget?arrow_forward
- Explain the budgetary process providing practical examples. This is in terms of Government Accounting.arrow_forwardWhich of the following statements is the intended goal or outcome of a performance budget? Classify the budget by goals or objectives (e.g., protection of persons and property, safe and speedy transportation) Manipulate financial data to satisfy government and community stakeholders Link performance objectives to requests for funds Focus on measurable activitiesarrow_forward1. How is the annual national budget prepared? 2.Who are the persons/ agency involved in budget preparation?arrow_forward
- Which of the following choices reflects the correct order of stages in the budget cycle? Agency request, executive consideration, legislative consideration, service delivery, audit Agency request, executive consideration, legislative consideration, audit, service delivery Executive consideration, agency request, legislative consideration, service delivery, audit Executive consideration, agency request, legislative consideration, audit, service deliveryarrow_forward6) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 7) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C) income measurement. D) the current ability to provide and fund services and goods. 8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete 9) Governmental accounting differs from corporate financial accounting primarily because A) the size of the government and the various levels would make it unreasonable to use corporate GAAP. B) governments lack a profit motive and…arrow_forwardWhat is the composition of a state or local government’s comprehensive annual financial report (CAFR)?arrow_forward
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What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license