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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Budgeting in the Government Sector, Internet Research

Similar to companies, the U.S. government must prepare a budget each year. However, unlike private, for-profit companies, the budget and its details are available to the public. The entire budgetary process is established by law. The government makes available a considerable amount of information concerning the federal budget. Most of this information can be found on the Internet. Using Internet resources (e.g., consider accessing the Office of Management and Budget at www.whitehouse.gov/omb), answer the following questions:

Required:

  1. 1. When is the federal budget prepared?
  2. 2. Who is responsible for preparing the federal budget?
  3. 3. How is the final federal budget determined? Explain in detail how the government creates its budget.
  4. 4. What percentage of the gross domestic product (GDP) is represented by the federal budget?
  5. 5. What are the revenue sources for the federal budget? Indicate the percentage contribution of each of the major sources.
  6. 6. How does U.S. spending as a percentage of GDP compare with spending of other countries?
  7. 7. How are deficits financed?

1.

To determine

Explain the timing of preparation of federal budget.

Explanation

Federal Budget:

It is the budget prepared by the government of a country in which government spending in various sectors is proposed for the coming year.

Federal budget is prepared before commencement of the fiscal year...

2.

To determine

Explain the authority responsible for preparation of federal budget.

3.

To determine

Explain the procedure of creation of the final budget.

4.

To determine

Find out the percentage of GDP represented by the federal budget.

5.

To determine

Identify the revenue sources for the federal budget. Also, identify the percentage contribution of each of the revenue sources.

6.

To determine

Compare the government spending of UNSA with other countries, as a percentage of GDP.

7.

To determine

Explain the manner in which deficits are financed.

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