budgetary comparisons for the general fund and each major special revenue fund is required to present budgetary comparison schedules as
RSI based on the fund, organization, or program structure that the government uses for its legally adopted budget
. … reported in the general fund and each major special revenue fund.
What is a budgetary schedule?
A budget schedule refers
to the frequency with which you update and maintain your budget
. That means regularly adding new transactions, putting those transactions in the right categories and then examining the budget. Start a budget schedule by pulling up your budget and loading all the expenses.
Where is the Budgetary Comparison Schedule located?
Statement 34, paragraph 131
, allows governments to present budgetary comparison schedules or statements “using the same format, terminology, and classifications as the budget document, or using the format, terminology, and classifications in a statement of revenues, expenditures, and changes in fund balances.” Exhibit …
What is a budgetary comparison statement?
a
management accounting statement which sets out budgeted revenues and costs alongside actual revenues and costs in order to facilitate comparisons between the two
. See BUDGET, BUDGETARY CONTROL, STANDARD COST. …
What is RSI in governmental accounting?
It establishes that the basic financial statements
and required supplementary information
(RSI) for general purpose governments should consist of: Management’s discussion and analysis (MD&A). … Government-wide financial statements, consisting of a statement of net assets and a statement of activities.
For which funds are budgetary comparison schedules required on which basis?
Mandatory budgetary comparisons are required for the general fund and major special revenue funds with legally adopted annual (biennial) budgets. The budgetary comparison should be presented on the
basis of budgeting
and can be presented as either a statement (audited) or a schedule (RSI).
What is the general rule for reporting on funds in the fund-level financial statements for fiduciary funds?
What is the general rule for reporting on funds in the fund-level financial statements for fiduciary funds?
Separate columns should be shown for each fund type, such as Investment Trust Funds
(rather than individual funds), in the fund-level financial statements for fiduciary funds.
What are the 3 types of budgets?
A government budget is a financial document comprising revenue and expenses over a year. Depending on these estimates, budgets are classified into three categories-
balanced budget, surplus budget and deficit budget
.
What are the four stages of the budget process?
Budgeting for the national government involves four (4) distinct processes or phases :
budget preparation, budget authorization, budget execution and accountability
. While distinctly separate, these processes overlap in the implementation during a budget year.
What are the four steps in preparing a budget?
The four phases of a budget cycle for small businesses are
preparation, approval, execution and evaluation
. A budget cycle is the life of a budget from creation or preparation, to evaluation.
Which measurement focus should be used in government-wide financial statements?
The government-wide financial statements consist of a statement of net assets and a statement of activities and are prepared using
the economic resources measurement focus
and the accrual basis of accounting.
What is in an operating budget?
The operating budget contains
the expenditure and revenue generated from the daily business functions of the company
. The operating budget concentrates on the operating expenditures, including cost of produce sold in the market or popularly known as cost of sold goods (COGS) and the revenue or income.
What is included in required supplementary information?
Required supplementary information examples include:
Management discussion and analysis (MD&A) for governments
.
Estimates of current or future costs of future major repairs and replacements for common interest realty associations
.
What is RSI in audit?
According to AU-C 730, the auditor’s report on the financial statements should include an other-matter paragraph that refers to the
required supplementary information
(RSI). In governmental financial statements, the management, discussion, and analysis (MD&A) is considered RSI.
What are the characteristics of a proprietary fund?
Proprietary funds
focus on the flow of economic resources recognized on the accrual basis of accounting
. These funds account for all assets and liabilities related to their operations, both short-term and long-term. Internal service funds are established to improve financial management of government resources.
