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)
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)
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