Government organizations and not-for-profit organizations (NPOs) are largely governed by their budgets, not the marketplace. Consequently, the budget, not the financial statements, is the most significant financial document. Nonetheless, most financial reports do not present much detail on the budget. How can a budget be described as important, but comprise a small component of the governmental financial reports?

Government organizations and not-for-profit organizations (NPOs) are largely governed by their budgets, not the marketplace. Consequently, the budget, not the financial statements, is the most significant financial document. Nonetheless, most financial reports do not present much detail on the budget. How can a budget be described as important, but comprise a small component of the governmental financial reports?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2TP: It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit...

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Government organizations and not-for-profit organizations (NPOs) are largely governed by their budgets, not the marketplace. Consequently, the budget, not the financial statements, is the most significant financial document. Nonetheless, most financial reports do not present much detail on the budget Do you think the coverage of the budget in the financial statements is adequate? Why?
What are your thoughts on the misappropriation of funds? Government budgets prevent public officials from spending outside their budgetary authority, and the increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts.
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In your own words, explain comprehensively the government budget process. Why is there a need for each process to be done? What is the implication of the government processes to government growth and improvement? Why does the government use fund accounting? Explain in your own words the objective of government accounting and your role as future accountants in achieving such an objective.
Can you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entities
The Office of Management and Budget has the primary responsibility for doing which of the following?O Approving the budget O Preparing the budget Auditing the budget Implementing federal unemployment policy O Appropriating funds for the budget
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It 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 Accountability
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