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 5Q
Identify some essential components of the annual budget process for a state or local government. How long might the process take?
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Identify some essential component of the annual budget process for a state or local government. How long might the process take?
At the state and local levels, what is the most common first step in the budget preparation process?
How are budget results shown in the financial reporting of a state or local government?
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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- What information is necessary for the operating budgets?arrow_forwardHow would maintenance departments use information in the budget?arrow_forwardWhich budget is the starting point in preparing financial budgets? the budgeted income statement the budgeted balance sheet the capital expense budget the cash receipts budgetarrow_forward
- What revenue sources allow this budget to be balanced in each year? What revenue source will have the greatest impact on the budget? What assumptions have been made with respect to revenue sources? What two expenditures will have the greatest impact upon the budget?arrow_forward1. How is the annual national budget prepared? 2.Who are the persons/ agency involved in budget preparation?arrow_forwardHow do amendments to government policies effect the fourth-quarter budget of an organization?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_forwardWhich of the following steps should be completed when planning a capital budget? Select all that apply. Develop a process for selecting and hiring contractors for each project. Assess and prioritize projects each year. Perform a cost-benefit assessment for each project. Complete an inventory of assets to determine the condition and usage of each item.arrow_forward1. What items are typically submitted as part of the budget or annual plan? Marketing plan Capital plan Employee plan Both A & Barrow_forward
- What are the components of a comprehensive budget and what is the purpose of each component?arrow_forwardWhich of the following is part of the budget preparation process EXCEPT? a) Available resources b) Budget scope c) Budget format to be used d) Credit lines availablearrow_forwardWhich of the following statements is the intended goal or outcome of a performance budget? Classify the budget by goals or objectives (e.g., protection of persons and property, safe and speedy transportation) Manipulate financial data to satisfy government and community stakeholders Link performance objectives to requests for funds Focus on measurable activitiesarrow_forward
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