Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 2.2E
Which of the following statements would be true concerning budgetary integration?
- a. The integration of budgetary accounts into the general ledger does not affect the asset and liability accounts.
- b. Estimated revenue control accounts are often used to record actual revenues during the year.
- c. Budgetary integration is the integration of both capital budget and operating budget data.
- d. Budgetary integration affects the amount reported as assigned fund balance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which of the following is budgetary account:
a.
Budgetary fund balance
b.
Revenue- fines and fees
c.
Voucher payable
d.
Unreserved fund balance
What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts
Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Based on your answers to the above questions, should Lockwood invest in the machinery?
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Preparing Financial Statements from a Trial Balance The following accounts are taken from Equilibrium Riding, I...
Fundamentals of Financial Accounting
Analysis of inventory errors A2 Hallam Company’s financial statements show the following. The company recently ...
FINANCIAL ACCT.FUND.(LOOSELEAF)
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?arrow_forwardfor which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?arrow_forwardThe Appropriations account of a governmental fund is credited when: a. The budgetary accounts are closed b. The budget is recorded c. Supplies are purchased d. Expenditures are recordedarrow_forward
- Which of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise Fundarrow_forward1) Explain the process for creating an operating budget and its importance. 2) Explain how revenues and expenses are grouped for planning and control in the financial statements. 3) Explain the differences between cash and accrual financial systems. plagiarism not allowedarrow_forwardWhich basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?arrow_forward
- Which of the following is true regarding capital projects funds? Multiple Choice Encumbrances accounting is generally employed. All budgetary accounts are employed and budget to actual statements are prepared. No budgetary accounts are used. Encumbrances accounting is not normally employed, but Appropriations are recorded.arrow_forwardProprietary funds: Multiple Choice Can be required to operate under a legally adopted budget. Are required to present budgetary comparison schedules. More than one statement above is true. Are required to integrate budgetary accounts into their accounting system.arrow_forwardBudget reflects revenue and expense while balance sheet reflects assets and 8. liabilities. Under current GASB standards the revenue from property taxes should be recorded in 9. the period and in the amounts in which taxes are collected. 10. Budget appropriations are sometimes called estimated expenditures.arrow_forward
- Which of the following includes only financial budgets? capital asset budget, budgeted income statement, sales budget production budget, capital asset budget, budgeted balance sheet cash budget, budgeted balance sheet, capital asset budget budgeted income statement, direct material purchases budget, cash budgetarrow_forwardIt is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?arrow_forwardA statement of revenues, expenditures, and changes in fund balances is used to report the inflows and outflows of current financial resources of governmental funds. True Falsearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license