Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 3, Problem 1.4E
Which of the following statements is false?
- a. Generally Accepted Accounting Principles (GAAP) dictate the basis of budgeting for all governmental funds.
- b. Budgets of different governments may have different budgetary control points.
- c. A good budget process incorporates a long-term perspective, even if the budget is adopted annually.
- d. Allocations are executive branch subdivisions of an appropriation to more detailed expenditure classifications.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Which one of the following is the incorrect statement regarding Budgets? Select one:
a. Budget is qualitative statement of policy
b. All are correct statement regarding budget.
C. Budget is a predetermined statement
d. Budget prepared for a defined period of time
Which of the following is NOT correct about budgetary control.
Select one:
a. It is a legally compulsory process which is controlled by governments.
b. There cannot be budgetary control without budgets.
c. It is a system which uses budgets as a means of planning and controlling.
d. It is the process of establishment of budgets relating to various activities and comparing the budgeted figures with the actual performance for arriving at deviations, if any.
Which of the following is NOT correct about budgetary control.
Select one:
O a. It is a legally compulsory process which is controlled by
governments.
O b. It is the process of establishment of budgets relating to various
activities and comparing the budgeted figures with the actual
performance for arriving at deviations, if any.
O c. There cannot be budgetary control without budgets.
O d. It is a system which uses budgets as a means of planning and
controlling.
Chapter 3 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 3 - Governmental budgeting and budgetary control are...Ch. 3 - Distinguish between the following types of...Ch. 3 - Prob. 3QCh. 3 - What are budgetary control points? How do they...Ch. 3 - Prob. 5QCh. 3 - Why might a local government not prepare and adopt...Ch. 3 - Revenue estimates and appropriations enacted are...Ch. 3 - In business accounting, a single general ledger...Ch. 3 - Illustrations 3-2 and 3-3 show Revenues Subsidiary...Ch. 3 - An interim budgetary comparison statement for a...
Ch. 3 - Prob. 11QCh. 3 - An annual budgetary comparison schedule for a...Ch. 3 - General budgets are most common for which of the...Ch. 3 - Special budgets are best defined as budgets a....Ch. 3 - Prob. 1.3ECh. 3 - Which of the following statements is false? a....Ch. 3 - Which of the following statements is true? a....Ch. 3 - Appropriation requests for the General Fund are...Ch. 3 - Which of the following statements would be true...Ch. 3 - Prob. 2.3ECh. 3 - Which of the following GAAP requirements for...Ch. 3 - Prob. 2.5ECh. 3 - Prob. 3.1ECh. 3 - Which of the following items does a government...Ch. 3 - The budget data presented in a school district...Ch. 3 - Allotments are best defined as a. legislative...Ch. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - (Budgetary EntriesGeneral Ledger) The city of...Ch. 3 - (General LedgerSubsidiary Ledgers Relationship,...Ch. 3 - (General Ledger Entries) Record the following...Ch. 3 - (Encumbrances) Record the following transactions...Ch. 3 - (Operating Budget Preparation) The finance...Ch. 3 - (Budgetary and Other EntriesGeneral and Subsidiary...Ch. 3 - Prob. 3PCh. 3 - (Budgetary Comparison StatementBudgetary Basis...Ch. 3 - (a) Prepare general ledger and subsidiary ledger...Ch. 3 - Using the information from C3-2 and assuming that...
Additional Business Textbook Solutions
Find more solutions based on key concepts
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
PRINCIPLES OF TAXATION F/BUS.+INVEST.
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
How is activity-based costing useful for pricing decisions?
Cost Accounting (15th Edition)
(a) Standard costs are the expected total cost of completing a job. Is this correct? Explain, (b) A standard im...
Managerial Accounting: Tools for Business Decision Making
How would the decision to dispose of a segment of operations using a split-off rather than a spin-off impact th...
Advanced Financial Accounting
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following statements is the intended goal or outcome of a traditional line-item budget? Estimate the costs of accomplishing measurable tasks or activities Provide mechanisms for expenditure control Focus attention on the value of public services provided Require crosswalks to identify appropriations to agenciesarrow_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_forwardWhat 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.arrow_forward
- The purpose of an encumbrance is to: a. amend the budgeted appropriations. b. assist the administration to avoid overspending and plan for payment of expected liabilities c. record liabilities that will be paid beyond the period where funds are currently available. d. None of the abovearrow_forward8. According to GASB standards, which of the following is not classified as a budgetary account? Multiple Choice Encumbrances. Encumbrances Outstanding. Estimated Revenues. Appropriations.arrow_forward1 Which of the following is not an objective of financial reporting by state and local governments? Multiple Choice To assist users in assessing the adequacy of systems and controls. To assist users in assessing financial condition and results of operations. To assist financial report users in comparing actual financial results with the legally adopted budget. To assist in determining compliance with finance-related laws, rules, and regulations.arrow_forward
- Budget comparison schedules or statements are needed for which funds? Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?arrow_forwardTRUE OR FALSE. Please provide an explanation if false. 1. Technically, only the Journals and Ledgers are considered accounting records; the Registries are budget records. 2. Separate accounting records and budget registries are maintained for each fund cluster. 3. Government entities and business entities use term "obligation" or the phrase "incurrence of obligation" similarly. 4. The various registries maintained by government entities primarily serve as internal control for controlling and monitoring the conformance of actual results with the approved budget. 5. A check disbursement is normally recorded as a credit to the "Cash-Modified Disbursement System (MDS), Regular" account. 6. Both the ORS and RAOD are updated each time an obligation is incurred, a payable is recorded for the obligation incurred, and disbursements are made to settle the recorded payable 7. At the end of each year, an adjustment is made to revert…arrow_forwardThe governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_forward
- Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?arrow_forwardAn 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.arrow_forwardAccounting 3. Which of the following is not one of the purposes of a budget considered in the Government Finance Officer Association (GFOA) Distinguished Budget Presentation Award Program? A. As a policy document. B. As a legal document. C. As a financial plan. D. As a communication device. no plagiarismarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license