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

Q: What are some of the functions of a state board of public accountancy?

A:

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: which concerns with revenue and disbursement of government such as central government , state…

A: Finances are referred as the management of money from investing activities, borrowing, lending,…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

Q: What databases are appropriate for government accounting?

A: The term "Government Accounting" refers to recording & analyzing all income , expenses &…

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: On January 1, 2020, Kingbird, Inc. had 85,000 shares of $1 par value common stock issued and…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: What measurement focus is used in government-wide financial statements, and what system is applied…

A: The "current resources focus" is the measurement focus which is used in fund financial statements…

Q: How to prepare financial statements for a government agency and non-profit organization?

A: Non-profit organization is an organization which works for the development of the society and not…

Q: ecommendations on how government accounting may be improve

A: The government accounting is very important and there is need of improvement to the that and there…

Q: How are internal service funds reported on government-wide financial statements?

A: A government-wide financial statement is a comprehensive summary of all the major government funds,…

Q: How are budget results shown in the financial reporting of a state or local government?

A: Comparisons between the original budget, the final budget (as amended) and actual figures must be…

Q: Briefly expalin what is government accounting and what are some good features on government…

A: The accounting sector includes several subfields. Public accounting is one of its components.…

Q: What are the two major divisions reported in government-wide financial statements? What funds are…

A: Two major divisions reported in government-wide financial statements: Business type activities…

Q: Compare the use of accrual accounting in federal government financial reporting with the use of…

A: Accrual basis of accounting:  The revenues and corresponding expenses of the firm are reported…

Q: What is GASB, Government Accounting Standards Board ?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What are the salient features and changes in the Government Accounting Manual? What problems or…

A: Government accounting manual shows and presents the guidelines and basic accounting policies and…

Q: Summary of objectives under new government accounting system

A: New Government accounting system: It is a system in the government sector where the transactions are…

Q: How has the dual system of financial statements impacted the financial reporting of state and local…

A: Financial statement:   Financial statements are prepared to summaries the account at the end of the…

Q: Explain the budgetary process providing practical examples. This is in terms of Government…

A: The objective of this question is to explain the budgetary process in the context of government…

Q: Why are budgetary entries recorded in the individual funds of a state or local government?

A: Funds:   Funds refers to an amount of money which is set aside or saved by individuals, government,…

Q: Why does a government determine the net expenses or revenues for each of the functions within its…

A: Revenue: Revenue refers to the income received from the business activity or sale of the output,…

Q: government

A: Answer: Government accounting: Government accounting is accounting methods that are being followed…

Q: Describe the modified accrual foundation of accounting in further detail. What is the purpose of…

A: The modified accrual accounting model: According to modified accrual accounting, revenues are…

Q: What is a basic financial statement that is required for federal agencies?

A: Financial statement refers to those statements which are prepared through the business at the end of…

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.