Why are budgetary entries recorded in the individual funds of a state or local government?

Q: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

Q: At what point in time does a governmental fund report an expenditure?

A: Definition:   Governmental (expendable) funds: Governmental (expendable) funds are used in the state…

Q: Is there a standard approach for determining when income and expenses are recognized in financial…

A: The creation of two statements – a statement of net assets and a statement of activities – is…

Q: Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue…

A: Comprehensive definition (with examples) of revenue appropriate for a Central Government: Revenue…

Q: Describe the physical structure of a complete set of government-wide financial statements and a…

A: This question is answered generally by giving an overview of Governmental financial statements of…

Q: The billings for transportation services provided to other governmental units are recorded by the…

A: Answer:   Option d

Q: Which of the following would not be included as a reconciling item in reconciling the governmental…

A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…

Q: How are budget results shown in the financial reporting of a state or local government?

A: Comparisons between the original budget, the final budget (as amended) and actual figures must be…

Q: On what do the government-wide financial statements report?   Multiple Choice   Operational…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Discuss the common Revenues and Expenditure of Local Finance

A: Local finance means all the income and expenditure of a local government of a city. It covers all…

Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…

A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…

Q: In the governmental units all of these true about the budget except .a The budget is legally binding…

A:

Q: What is the basic structure of government-wide financial statements and fund financial statements…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…

A: Financial statements are condensed summary of transactions communicated in the form of reports for…

Q: What are the purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

Q: General purpose financial statements in the public sector provide the following information except *…

A: Solution: General purpose financial statements in the public sector provide the following…

Q: What are the two major divisions reported in government-wide financial statements? What funds are…

A: Two major divisions reported in government-wide financial statements: Business type activities…

Q: What are the basic financial statements that a state or local government now produces?

A: The following are the basic financial statements that a state or local government now produces:…

Q: Discuss the common revenue and expenditure of local finance

A: Local finance means all the income and expenditure of a local government of a city. It covers all…

Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…

A:

Q: Which of the following accounts of a governmental unit is debited when a purchase order is…

A: Given: The account of the governmental unit that is to be debited on the approval of purchase order.…

Q: Budget comparison schedules or statements are needed for which funds? Should the budgetary…

A: Here is the answer:

Q: What measurement focus is used in fund financial statements for governmental funds, and what system…

A: The government wide financial statements includes preparation of two statements – statement of net…

Q: How has the dual system of financial statements impacted the financial reporting of state and local…

A: Financial statement:   Financial statements are prepared to summaries the account at the end of the…

Q: What federal fund is most like a custodial fund used by state and local governments?

A: Here given the details of the federal fund which is treated as the custodial fund which can be used…

Q: Government-wide financial statements make a distinction between program revenues and general…

A: The correct answer is 1. Program revenues are offset against the expenses of a specific function;…

Q: In the recording of a city’s budget, which one of the following accounts is debited? a.…

A: When a city's budget is recorded, estimated revenues account will be debited.

Q: Can you explain how budgetary accounting contributes to achieving budgetary control over revenues…

A: Budgetary control: It is a financial tool for managing income and expenditure. In other words,…

Q: for which funds are budgetary comparison schedules or statements required? should the actual…

A: Financial accounting standards board (FASB):This is the organization which creates, develops, and…

Q: Please describe the difference between government-wide financial statements and fund-basis financial…

A: Fund accounting seems to be a type of accounting utilized by non-profit organizations to manage the…

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.