Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 14, Problem 14.26C
Case 14.26
Budget of the United States government: Internet assignment The Office of Management and Budget (OMB) provides access to the budget of the United States government through the U.S. Government Printing Office’s Federal Digital System (FDsys) at gpo.gov/fdsvs. As the “Featured Collections” description states, “The Budget of the United States Government is a collection of documents that contains the budget message of the President, information about the President’s budget proposals for a given fiscal year, and other budgetary publications that have been issued throughout the fiscal year. Other related and supporting budget publications are included, which may vary from year to year.”
One particularly useful supporting publication that appeared from 1996 through 2002 was “A Citizen’s Guide to the Federal Budget,” which provided information about the budget and the budget process for the general public. This guide was designed to give the reader a walking tour of the budget of the United States. Access the guide for fiscal year 2002, and complete the following requirements:
Required:
- Why was the guide designed, and what information is presented at this site?
- What is the federal budget?
- What percentage of the
gross domestic product does spending for federal programs represent? What percentage does state and local government spending represent? - What was the amount of total receipts? Where did they come from?
- What was the amount of total outlays? Where did they go?
- Explain the process used by the government to create a budget.
- How is the federal budget monitored?
- What is meant by a budget surplus? A budget deficit?
- Why is a budget deficit important? A budget surplus?
- How does the government’s budget process compare to the operating budgeting process described in the chapter? What are the similarities and differences?
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1. 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?
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The Office of Management and Budget has the primary responsibility for doing which of the following?O Approving the budget O Preparing the budget Auditing the budget Implementing federal unemployment policy O Appropriating funds for the budget
Chapter 14 Solutions
Accounting: What the Numbers Mean
Ch. 14 - Prob. 14.1MECh. 14 - Mini-Exercise 14.2 LO 4, LO 5 Purchases budget In...Ch. 14 - Mini-Exercise 14.3 LO 6 Operating expense budget...Ch. 14 - Mini-Exercise 14.4 LO 8 Cash receipts analysis In...Ch. 14 - Mini-Exercise 14.5 LO 8 Cash budget In addition to...Ch. 14 - Mini-Exercise 14.6 LO 10 Standard product cost In...Ch. 14 - Exercise 14.7 LO 4, 5 Production and purchases...Ch. 14 - Prob. 14.8ECh. 14 - Prob. 14.9ECh. 14 - Exercise 14.10
LO 4. 5
Production and purchases...
Ch. 14 - Exercise 14.11
LO 4, 8
Cash receipts budget Fox...Ch. 14 - Prob. 14.12ECh. 14 - Prob. 14.13ECh. 14 - Prob. 14.14ECh. 14 - Exercise 14.15
LO 10, 11
Standard absorption cost...Ch. 14 - Prob. 14.16ECh. 14 - Problem 14.17
LO 4, 5
Purchases budget Brooklyn...Ch. 14 - Problem 14.18
LO 4, 5
Purchases budget—analytical...Ch. 14 - Prob. 14.19PCh. 14 - Prob. 14.20PCh. 14 - Prob. 14.21PCh. 14 - Prob. 14.22PCh. 14 - Prob. 14.23PCh. 14 - Prob. 14.24PCh. 14 - Prob. 14.25CCh. 14 - Case 14.26 Budget of the United States government:...Ch. 14 - Prob. 14.27C
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