It encourages accomplishment of objectives by associating expenditures with outcomes. Which branch of local (city and county) government most commonly prepares the budget?
Executive branch
.
Which branch of local city and county government most commonly prepares the budget Group of answer choices?
15. As applied to state and local governmental finance generally,
the executive branch
prepares a budget and submits appropriation requests to the legislative branch.
Why would a government be more likely than a not for profit organization to integrate its budget into its accounting system?
Lincoln County uses encumbrance accounting to control expenditures. … Why would a government be more likely than a not-for-profit organization to integrate its budget into its accounting system? a)
Because the amount of expenditures are likely to be greater.
What is the primary benefit to using an encumbrance system?
With General Ledger you can record pre-expenditures commonly known as encumbrances. The primary purpose of tracking encumbrances is
to avoid overspending a budget
. Encumbrances can also be used to predict cash outflow and as a general planning tool.
What is the local government budget process?
These steps include
administrative preparation, legislative approval, financial implementation
, and annual year-end accounting and financial reporting, which is usually performed by an independent outside auditor.
Which branch of local government most commonly prepares the budget?
Which branch of local (city and county) government most commonly prepares the budget?
Executive branch
.
When Should property tax revenues be recognized in government wide financial statements?
Revenues are recognized
when they are available
(revenues are collected in the current period or shortly after) and measurable. For property tax revenue to be considered revenue in the current period, it needs to be collected within that period or sixty days after the current period.
Which of the following is not a function of a budget?
The correct answer is option D.
Preventing net operating losses
is not a part of budgeting.
What is the primary reason that governmental entities use fund accounting?
What is the primary reason that governmental entities use fund accounting? Fund accounting
promotes control and accountability over restricted resources
.
What’s the difference between encumbrance and appropriation?
Encumbrances – an encumbrance is a reservation of the appropriation for a specific item. Most
expenditures are required to be encumbered before a legal obligation is made to pay for the item
.
What does free from encumbrances mean?
No one else having any rights over something
. When property is owned by someone and nobody else has any rights over it, it is owned free of encumbrances. Most house purchases require the property to be sold free of encumbrances.
What are examples of encumbrances?
Encumbrances include security interests, liens, servitudes (for example,
easements, wayleaves, real covenants, profits a prendre
), leases, restrictions, encroachments, and air and subsurface rights.
What are the 4 phases of the budget cycle?
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 3 types of budgets?
India budget 2021: 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?
The budget cycle consists of four phases:
(1) prepara- tion and submission, (2) approval, (3) execution, and (4) audit and evaluation
.
Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes?
Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes?
It must have specifically defined geographic boundaries
.
