Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter 12, Problem 16.3EP
Which of the following steps would not usually be part of the budgeting process?
- a. Heads of operating departments prepare budget requests.
- b. The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
- c. One or more public budget hearings are held.
- d. The budget officer and other central administrators review and make adjustments to department requests.
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Which of the statement is not correct?
Question 27Answer
a.
The budget approval is done by the legislative
b.
The budget audit is done by the auditor general’s office
c.
Budget Execution is the job of the executive
d.
The budget preparation is initiated by the Heads of Departments
Which of the following choices reflects the correct order of stages in the budget cycle?
Agency request, executive consideration, legislative consideration, service delivery, audit
Agency request, executive consideration, legislative consideration, audit, service delivery
Executive consideration, agency request, legislative consideration, service delivery, audit
Executive consideration, agency request, legislative consideration, audit, service delivery
The budget committee:
a.
Directs and coordinates budget preparation.
b.
All of the above answers are correct.
c.
Reviews the operating results at the end of the period.
d.
Oversees all budget matters and often is the highest authority in an organization for all matters related to the budget.
e.
Approves the final budget.
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 - Prob. 3QCh. 12 - Robert Bland suggested that tensions may exist...Ch. 12 - Identify some essential components of the annual...Ch. 12 - Prob. 6QCh. 12 - Prob. 7QCh. 12 - What are the three broad categories of service...Ch. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 14CCh. 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. 16.5EPCh. 12 - An approach to budgeting that requires the very...Ch. 12 - Which of the following does not represent a...Ch. 12 - Prob. 16.8EPCh. 12 - Prob. 16.9EPCh. 12 - Prob. 16.10EPCh. 12 - Prob. 16.11EPCh. 12 - Which of the following is not one of the general...Ch. 12 - Prob. 16.13EPCh. 12 - The police chief of the Town of Meridian submitted...Ch. 12 - The City of Manhattan, Kansas, prepares an annual...Ch. 12 - The City of Ashcroft has produced a Service...Ch. 12 - Prob. 20EPCh. 12 - Prob. 21EPCh. 12 - The U.S. Office of Management and Budget (OMB)...
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- It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?arrow_forwardWhich of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.arrow_forwardWhich of the following goals is accomplished when an audit process occurs at the end of the budget year? Select all that apply. Preventing fraud and waste Ensuring the accuracy of operation Ensuring compliance with policies and applicable laws Interviewing and hiring budget personnel for the next budget yeararrow_forward
- A____________________ is usually responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget itself.arrow_forwardIt 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 Accountabilityarrow_forwardAnalyze the nature and purpose of budgeting, the stages involved in the preparation of budgets, identifying separately the roles of managers and the budget committee.arrow_forward
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- Which of the following best describes the role of top management in the budgeting process? Should be involved only in the approval Should not necessarily have detailed knowledge of the daily operations and should limit their involvement Should be enthusiastic and committed to the budget process Separates the budgeting process and the business planning process please answer immediately :)arrow_forwardGovernment 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. What are your thoughts on misappropriation of funds based on the above statements?arrow_forwardEach of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…arrow_forward
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