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- Many governments budget on the cash basis. Explain why a government would budget on a cash basis rather than on a GAAP-basis. What basis of accounting would you recommend for a municipality budget? Explain and justify your selection.6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.10 Under the modified accrual basis of accounting, revenues should be recognized when Multiple Choice Earned. Collected in cash. Authorized by the budget ordinance. Measurable and available.
- Is accrual-based budgeting preferable to cash-based budgeting? The Disability Research Institute receives its funding mainly from government grants and private contributions. In turn, it supports research and related projects carried out by universities and other not-for-profits.Most of its government grants are reimbursement (expenditure-driven) awards. That is, the government will reimburse the institute for the funds that it disburses to others. The institute estimates that the following will occur in the forthcoming year: • It will be awarded $5 million in government grants, all of which will be paid out to sub-recipients during the year. Of this amount, only $4.5 million will be reimbursed by the government during the year. The balance will be reimbursed in the first six months of the next year. The institute will also receive $200,000 in grant funds that were due from the previous year. • It will receive $600,000 in pledges from private donors. It expects to collect $450,000…It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?Which of the following statements about state budget processes is correct? All states require biennial budgets. All governors have line-item veto power. Not all states have budget messages prepared by the governor. States normally spend through systems of entitlements instead of appropriations.
- An internal service fund normally uses which of the following budgetary accounts? Multiple Choice Encumbrances. Estimated Revenues. Appropriations. An internal service fund normally does not use budgetary accounts.The government has to go into debt to meet the needs of the budget deficit or shortfall. Identify whether this statement is true or false. Select one:TrueFalseControl account is a summary account whose balance is equal to the total of the individual balances of its subsidiary accounts. a. True b. False In approving the budget of the City of Troy, the city council appropriated an amount less than expected revenues, what will be the result of this action a. An increase in outstanding encumbrances by the of the fiscal year b. A necessity for compensatory offsetting action in the debt service fund c. A debit to budgetary fund balance d. A credit to budgetary fund balance
- Ch3 5 Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Multiple Choice Depreciation expense. Interfund transfers in. Revenues from property taxes. Expenditures for employee salaries. 6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or False6. It is a redistribution of income and wealth through government making a payment,without goods or services being received in return a. Capital expenditure b. Consumption c. Utilization d. Transfer payments 7. The funds allocated to products and services used to satisfy citizens' needs are classified as ___________________ expenditures. a. Capital expenditure b. Consumption c. Utilization d. Transfer payments 8. Retirement programs, unemployment benefits, financial aid and other expenses that involve transfers of money are considered _________________. a. Capital expenditure b. Consumption c. Utilization d. Transfer payments 9. Transfer payments are included in the gross domestic product or GDP. a. True b. False c. Maybe 10.Which statement is NOT true? a. Government expenditure has direct control of a country's economic growth and businesses. b. investments in education and infrastructure are not likely to boost economic growth and labor productivity in the long run. c. Government…1. How is the annual national budget prepared? 2.Who are the persons/ agency involved in budget preparation?