Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts. The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

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Answer 1

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

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Students have asked these similar questions

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

Explain the budgetary process providing practical examples. This is in terms of Government Accounting.

Why accounting for budgetary accounts, Accounting for Disbursement, Revenue Receipts and other transactions important in government accounting.

Answer 2

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

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Answer 3

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

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Answer 4

Question

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

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Answer 5

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 6

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

Answer 7

Chapter 17, Problem 17.1C

a.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

The purpose of a governmental accounting system, and why the budget is recorded in the accounts of governmental unit.

Answer 8

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 9

b.

To determine

Concept introduction:

Governmental accounting: Generally, the fund-based system of accounting is used in governmental entities but in some of the funds a modified accrual accounting method is used. All the resources collected and all the expenditures that have made to fulfill societal needs must be appropriately recognized. The governmental accounting system must be in accordance with accepted legal and contractual provisions. A system of comprehensive budgetary accounting is used under governmental accounting which helps in the establishment of the significant control mechanism and also useful for comparison of actuals against budgeted amounts.

To explain: When and how a governmental unit, records its budget and closes the budgetary account.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 17 - Prob. 17.1Q Ch. 17 - What are the nine funds that local and state...Ch. 17 - Compare the modified accrual basis with the...Ch. 17 - Prob. 17.4Q Ch. 17 - When are property taxes recognized as revenue in...Ch. 17 - Prob. 17.6Q Ch. 17 - Prob. 17.7Q Ch. 17 - Are all expenditures encumbered?Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains the purpose of a governmental accounting system, and how it is used.

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Chapter 17 Solutions