It refers to the step in the government budgetary process which involves the enactment by the Congress of the General Appropriation Act (GAA) based on the budget submitted by the President which cannot be increased by the Congress. The initiative for the enactment of the appropriation law shall come from the House of Representatives. Group of answer choices Budget Legislation or Authorization Budget Preparation Budget Execution Budget Accountability

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Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.