Which of the following statement is correct? Question 5Answer a. Expenditure classification is only necessary for presenting the budget to parliament b. The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises. c. Functional Budget Classification may include grants, compensation of employees, social benefits. d. Economic Budget Classification may include compensation of employees, use of goods and services, Interests.

Q: Mulitple choice question In the federal government, which organizations make appropriations and…

A: 1) Appropriation : it means setting up of money for specific purpose. For example Amount…

Q: Which one of the following will appear in the cash budget but not in the budgeted statement of…

A: The cash budget is a financial statement that shows the expected cash inflows and outflows of a…

Q: What is the role of the budgeting committee and its responsibilities?

A: Introduction: A budget committee is an official organization in charge of developing and overseeing…

Q: Match the following options - Debt Services - Permanent Fund - Current financial resources -…

A: The government uses a different way to report their financial statements than the private sector…

Q: Which of the statement is not correct? Question 27Answer a. The budget approval is done by the…

A: The following steps are involved in the budget process:Preparation of budget. Authorization/Approval…

Q: Which of the following parties is responsible for administering the real estate budget? A. The…

A: A real estate budget is a financial plan that outlines the anticipated income and expenses…

Q: What is the fundamental purpose of public budgeting?

A: Public budgeting is a critical process that enables governments to allocate public resources to…

Q: Describe the legislative process for budget review and adoption

A: Parliamentary participation in budgetary matters becomes more significant (Posner and Park 2007).…

Q: What is a federal budget deficit or surplus? How does this affectinterest rates?

A: The question is based on the concept of federal budget position and its impact on the prevailing…

Q: Which of the following statements is the intended goal or outcome of a traditional line-item budget?…

A: A traditional line-item budget is a type of budget format that presents the financial information by…

Q: What is not an example of private sector performance measuremer practices used in the public sector?…

A: Performance measurement are used to measure performance of the private sector.

Q: civics- “explain why it is important that citizens understand the governments budget”

A: References: OECD. (2002). OECD Best Practices for Budget Transparency. OECD Publishing. Retrieved…

Q: Which of the following must the comptroller of public accounts do for the legislative budgeting and…

A: The comptroller, often referred to as the state comptroller or comptroller of public accounts, is a…

Q: Many governments budget on the cash basis. Explain why a government would budget on a cash basis…

A: The cash basis is a major accounting method that recognizes revenues and expenses at the time cash…

Q: Question 13 Which of the following is NOT a reason that legally adopted budgets may not be readily…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: State and local governments must prepare their GAAP budgetary comparisons on the modified accrual…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: effect the fourth-quarter budget

A: Meaning of Budget Budget is a forecast or estimation of the income and expenditure that could occur…

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.