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ACC 594: Assignment 11
Terms in this set (13)
Budgets of government entites
-are integrated within the financial accounting system
-enable governments to demonstrate compliance with laws and to communicate performance effectiveness
-are adopted by governments after required public hearings
Which of the following statements regarding budgets of not-for-profit organizations is true?
a not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors
Which of the following steps would not usually be part of the budgeting process?
the chief executive (mayor or city manager, as appropriate) formally adopts the budget, this giving it the force of law
The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that
-the accounting system should provide the basis for appropriate budgetary control
-budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget
-annual budgets should be adopted by each government
The budgetary comparison required of state and local governments under GASB standards
can be presented as a schedule information (RSI) or as a statement in the basic financial statements
An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
Which of the following does not represent a performance measurement group under the balance scorecard?
economy and efficiency
Governments that choose to report service efforts and accomplishments (SEA)
May refer to guidance provided by the GASB, and AGA, or other professional organizations.
Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as
Measures that relate the quantity or cost of resources used to units or outputs
Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?
Guidelines issued by the Office of Management and Budget
Which of the following costs is generally allowable under OMB cost principles?
Bad debt expense
Which of the following is not one of the general criteria for an allowable cost?
the cost must be approved by an external of federal auditor
Public executives can use big data for improvements in
-long term planning
OTHER SETS BY THIS CREATOR
ACC 594: Assignment 15
ACC 594: Assignment 14
ACC 594: Assignment 13