ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 12, Problem 1Q

Are governments and not-for-profit organizations required to prepare budgets?

Expert Solution & Answer
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To determine

Explain whether government and not-for-profit organization require preparing budgets.

Explanation of Solution

  • As per budgetary control principle and GASB budgeting, government units are mandated to prepare annual budget.
  • Governments which have legally implemented preparation of budget must make comparison for the General Fund and each major special revenue funds.
  • Budgets for other governmental funds, proprietary funds, and fiduciary funds are not mandatory budgets. These budgets are prepared if required. 
  • On the other hand, it is not mandatory to prepare budgets for not-for profit organizations. But, while preparing budgets, these organizations follow same budgeting concepts like government units.  

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