Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 12, Problem 15.3EP
Which of the following steps would not usually be part of the budgeting process?
- a. Heads of operating departments prepare budget requests.
- b. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
- c. One or more public budget hearings are held.
- d. The budget officer and other central administrators review and make adjustments to department requests.
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Students have asked these similar questions
Which of the statement is not correct?
Question 27Answer
a.
The budget approval is done by the legislative
b.
The budget audit is done by the auditor general’s office
c.
Budget Execution is the job of the executive
d.
The budget preparation is initiated by the Heads of Departments
Question 3:
It is a document which defines the objectives of budgetary control system. It spells out the duties and responsibilities of budget officers regarding the preparation and execution of budgets. It also specifies the relations among various functionaries. A document, schedule or booklet which sets out inter alia, the responsibilities of the persons engaged in the routine of and the forms and records required for budgetary control.
ِِA) Understanding the above paragraph and Identify the document and how the document is useful to the organization.
A____________________ is usually responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget itself.
Chapter 12 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 12 - Are governments and not-for-profit organizations...Ch. 12 - What is the difference between two types of...Ch. 12 - Describe the advantages of performance budgeting...Ch. 12 - Prob. 4QCh. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 13CCh. 12 - Budgets of government entities a. Are integrated...Ch. 12 - Which of the following statements regarding...Ch. 12 - Which of the following steps would not usually be...Ch. 12 - The budgeting principle in generally accepted...Ch. 12 - Prob. 15.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 15.8EPCh. 12 - Prob. 15.9EPCh. 12 - Prob. 15.10EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - Prob. 17EPCh. 12 - Prob. 18EPCh. 12 - Prob. 19EPCh. 12 - Prob. 20EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- 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 yeararrow_forwardWhich of the following choices reflects the correct order of stages in the budget cycle? Agency request, executive consideration, legislative consideration, service delivery, audit Agency request, executive consideration, legislative consideration, audit, service delivery Executive consideration, agency request, legislative consideration, service delivery, audit Executive consideration, agency request, legislative consideration, audit, service deliveryarrow_forwardIn 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.arrow_forward
- Which of the following statements is the intended goal or outcome of a traditional line-item budget? Estimate the costs of accomplishing measurable tasks or activities Provide mechanisms for expenditure control Focus attention on the value of public services provided Require crosswalks to identify appropriations to agenciesarrow_forwardAnalyze the nature and purpose of budgeting, the stages involved in the preparation of budgets, identifying separately the roles of managers and the budget committee.arrow_forwardIn 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.arrow_forward
- a) The West Municipal Assembly had its first meeting to discuss its budget. As the local government financial representative, you are required to explain what a budget is and the stages of the budgetary cycle. 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. 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. 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.arrow_forwardAt the state and local levels, what is the most common first step in the budget preparation process?arrow_forwardWhich 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.arrow_forward
- 42. A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning Individualarrow_forwardSelect each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Termsarrow_forwardIt 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 Accountabilityarrow_forward
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