a) The West Municipal Assembly had its first meeting to discuss its budget. As the localgovernment financial representative, you are required to explain what a budget is and thestages of the budgetary cycle.b) In your presentation, you were also asked to identify the ten principles of budgetarygovernance (outlined by Gary Bandy - Financial Management and Accounting in thePublic Sector), that are essential in ensuring the efficiency of the budgetary process.c) The budgetary presentation consisted of expenditures amounting to $150,000,000. Theaudience was eager to know what the sources for these funds would be. List and giveexamples of 8 sources of revenue that can be used to fund the expenditures.d) Budget execution is a critical stage in the budgetary process. Explain the four key elementsof this stage and discuss the five components of the internal control system that is neededto safeguard the entity's assets and to ensure compliance with laws and regulations.

The explanation is already covered in the answer. If you have any clarifications (i.e., expand the…

Answered: a) The West Municipal Assembly had its…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 7MC: A good performance measurement system will align the goals of management with_______. A. the goals...

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In this course, performance budgeting has been examined as a budget reform from the perspectives of budget functions and the flow of government service provision. Assume that you are a budget analyst in a city that uses a traditional line-item budgeting system. Recently the chief executive office (CEO) of the city has asked you to develop a performance budgeting system. (1) Explain thoroughly and comprehensively the key components of performance budgeting to the CEO, using the perspectives examined in this course with examples. (2) Use these components to thoroughly and comprehensively explain the differences between traditional line-item budgeting and performance budgeting. (3) Describe comprehensively and explain critically the key elements in your proposed performance budgeting system with examples. Discuss thoroughly the potential challenges of developing the performance budgeting system with examples.
In an organization that plans by using comprehensive budgeting, the master budget is The booklet containing budget guidelines, policies, and forms to use in the budgeting process. The current budget updated for operations for part of the current year. A compilation of all the separate operational and financial budget schedules of the organization. A budget of a not-for-profit organization after it is approved by the appropriate authoritative body.
The budget committee: a. Directs and coordinates budget preparation. b. All of the above answers are correct. c. Reviews the operating results at the end of the period. d. Oversees all budget matters and often is the highest authority in an organization for all matters related to the budget. e. Approves the final budget.
you are required to explain what a budget is and the stages of the budgetary cycle. (9 marks) b) In your presentation, you were also asked to identify the ten principles of budgetary governance (outlined by Gary Bandy – Financial Management and Accounting in the Public Sector), that are essential in ensuring the efficiency of the budgetary process. (5 marks) c) The budgetary presentation consisted of expenditures amounting to $150,000,000. The audience was eager to know what the sources for these funds would be. List and give examples of 8 sources of revenue that can be used to fund the expenditures. (4 marks) d) Budget execution is a critical stage in the budgetary process. Explain the four key elements of this stage and discuss the five components of the internal control system that is needed to safeguard the entity’s assets and to ensure compliance with laws and regulations. (13 marks)
Need him with the decriotionaIncluding the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget
Which of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply. Preventing fraud and waste Ensuring the accuracy of operation Ensuring compliance with policies and applicable laws Interviewing and hiring budget personnel for the next budget year
The dual objectives of assessing interperiod equity and ensuring budgetary compliance may necessitate different accounting practices. A city engages in the transactions that follow. For each transaction, indicate the amount of revenue or expenditure that it should report in 2020. Assume first that the main objective of the financial statements is to enable users to assess budgetary compliance. Then calculate the amounts, assuming that the main objective is to assess interperiod equity. The city prepares its budget on a “modified” cash basis (that is, it expands the definition of cash to include short‐term marketable securities), and its fiscal year ends on December 31. Employees earned $128,000 in salaries and wages for the last five days in December 2020. They were paid on January 5, 2021. A consulting actuary calculated that per an accepted actuarial cost method, the city should contribute $225,000 to its firefighters' pension fund for benefits earned in 2020. However, the city…
"On what basis shall we allocate resources to Program A instead of Program B,” is the perennial statement in public sector budgeting. Identify and discuss at least five attempts, found in the budgeting literature, used to answer V.O. Key’s famous budgeting question. In your professional judgment, which type of budgeting system is most appropriate for public administration? Why do you feel this way?
Indicate why these are Internal Control Strengths. Example: INTERNAL CONTROL STRENGTH: Central Chicago has an annual capital budgeting process where all capital expenditures are pre-approved prior to the beginning of the fiscal year. EXPLANATION: All the departments’ heads are actively participated in the annual budget process. This ensures the collect of proper PPE information is passed along to the Capital Committee and all dept. heads understand their PPE budget allocations. Internal control Strengths are listed below, EXPLAIN WHY THESE ARE CONSIDERED INTERNAL STRENGTH CONTROLS. 1. The budgeting process begins in the first week of February and begins with a meeting of finance with departmental leaders. At the meeting, Arlene (Finance Dept. personnel) communicates to the leaders the total funds that have been allotted to fixed assets. 2. The Senior VP of the departments will fill out a budget form itemizing planned expenditures for the upcoming fiscal year. This form is submitted to…
Many governments budget on the cash basis. Explain why a government would budget on a cash basis rather than on a GAAP-basis. What basis of accounting would you recommend for a municipality budget? Explain and justify your selection.
Discuss the relevance of the budget in public sector accounting.（300 words）
Select a current issue for which you can find background material. Become familiar with the issue and build a budget request that provides a solution to the issue. If a solution is already publicly available, work through the data so that you can re-create the budget request. Prepare a verbal briefing of no more than 10 minutes that reviews the background of the issue, identifies why it must be addressed, describes what your proposal will do to address the issue, and gives the amount of your budget request.

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