Every state has a law(s) regulating its own budgetary practices and those of its local governmental units.

Question:

Every state has a law(s) regulating its own budgetary practices and those of its local governmental units. Check the law(s) of your state to determine the following:

1. For what funds must budgets be prepared?

2. Must governmental budgets prepared in your state be “balanced”? If so, what does your state law consider to be a balanced budget?

3. What legal provisions are made for public input into the budgetary process in your state?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introduction to Governmental and Not for Profit Accounting

ISBN: 978-0132776011

7th edition

Authors: Martin Ives, Terry K. Patton, Suesan R. Patton

See More Books

Question Posted: Jun 05, 2015 09:58 AM

See More Questions

Governmental budgeting and budgetary control are deemed so important by the GASB that it devotes an entire principle to the subject. Why?
For governmental agencies, a budget places a legal limit on expenditures. As employees are asked for input into the budgeting process, what types of biases are likely to be encountered? Explain why...
A state highway safety agency must allocate its budget for the next fiscal year. A total funding of $32 million has been granted for reducing fatalities and property damage due to automobile...
Use the graphs of f and g to solve Exercises 8390. Find (fg)(2). y = g(x) HH y .y = f(x) # X
What is an accumulated adjustments account (AAA)? What income, gain, loss, and deduction itemsdo notaffect this account assuming the S corporation has an accumulated E&P balance?
The standard costs and actual costs for factory overhead for the manufacture of 2 , 5 0 0 units of actual production are as follows: The amount of the total factory overhead cost variance isa.$ 2 , 5...
Surveys of youth. The Centers for Disease Control and Prevention, in a survey of teenagers, asked the subjects if they were sexually active. Those who said Yes were then asked, How old were you when...
Do cost overruns just happen, or are they caused?
c. Compute the price of the stock at the end of the third year (P) (Round "PV Factor" to 3 decimal places. Round intermediate calculations to 2 decimal places. Round the final answer to 2 decimal...
A key aspect of the Accounting Standards Codification is the structure used to organize content. Understanding that structure will help you utilize the codification efficiently and effectively....
Discuss why Agency Funds do not have a fund balance.
Compute the debit or credit, if any, to be made to the Budgetary fund balance for a countys General Fund under each of the following assumptions: a. Budgeted revenues and expenditures each are $...
What theories from the chapter are relevant for analyzing the case?
Q Proprietorinc (the lessee) enters into a 10 year lease of a property with an option to extend the contract for 5 years. Lease payments are $50,000 per year, payable at the beginning of each year....
1.Think about your investment Possibility for 3 years holding period in real investment environment? A.What could be your investment objectives? B. What amount of fund you could invest for three...
3- The student council normally sells 1500 school T-shirts for $12 each. This year they plan to decrease the price of the T-shirts. Based on student feedback, they know that for every $0.50 decrease...
2. The notation {f(x): x S} means "the set of all values that can be produced by substituting an element x of set S into f(x)." For example, the set of all odd integers can be expressed as {2k+1kZ}....
Implementation guidance for IFRS 2 indicates that it "accompanies, but is not part of, IFRS 2." In other words, this implementation guidance is considered mandatory. integral to the standard. not...
Which of the following graphs would be best for the cancer registrar to use to display the five -year survival rates of lung cancer patients in the years 20XX to 20XX at your hospital? a. Frequency...
Continuation of Exercise 4-83. (a) What is the probability that the first major crack occurs between 12 and 15 miles of the start of inspection? (b) What is the probability that there are no major...
What are the five basic strategies that active portfolio managers utilize to add value relative to their benchmark?
Dick Dickerson Construction Inc. has asked to you help them select a new backhoe. You have a choice between a wheel-mounted version, which costs $50,000 and has an expected life of 5 years and a...
Walt Wallace Construction Enterprises is investigating the purchase of a new dump truck. Interest is 9%. The cash flows for two Likely models are as follows Annual First Operating Annual Salvage...
Two different companies are offering a punch press for Company a charges $250,000 to deliver and install the device. Company A has estimated that the machine will have maintenance and operating costs...
firm purchased a new piece of equipment with an estimated useful life of eight years. The cost of the equipment was $65,000. The salvage value was estimated to be $10,000 at the end of year 8. Using...
On an average day, a company writes checks totaling $1,500. These checks take 7 days to clear. The company receives checks totaling $1,800. These checks take 4 days to clear. The cost of debt is 9%....
Olds Company declares Chapter 7 bankruptcy. The following are the book values of the asset and liability accounts at that time. A bankruptcy expert estimates that administrative expense will total $...

Every state has a law(s) regulating its own budgetary practices and those of its local governmental units.

Question:

Step by Step Answer:

1 Funds which require public input for implementing into the budgetary process and means of putting ...View the full answer

Introduction to Governmental and Not for Profit Accounting

Students also viewed these Accounting questions