The budgetary basis of accounting is a. Determined by a governmental entity's governing body or by law

Question:

The budgetary basis of accounting is

a. Determined by a governmental entity's governing body or by law or regulation.

b. Dictated by GAAP

e. The same for all governmental entities

d. Always the cash basis.

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

Step by Step Answer:

Related Book For book-img-for-question

Governmental And Nonprofit Accounting Theory And Practice

ISBN: 9780132552721

9th Edition

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

See More Books

Question Posted: Feb 24, 2024 05:00 AM

See More Questions

Multiple Choice Questions Identify the best answer for each of the following: 1. Appropriation requests for the General Fund are commonly approved, controlled, accounted for, and reported in each of...
The budgetary basis of accounting is a. determined by a governmental entitys governing body or by law or regulation. b. dictated by GAAP. c. the same for all governmental entities. d. always the cash...
(Multiple Choice) 1. From the following, select the two conditions that together will cause an entity to be reported as a component unit of a primary government: a. The primary governments director...
If you could choose, which type of school would you want your imaginary child(ren) to attend?
Hashmi Company's investments in non-trading securities at December 31 show total cost of $195,000 and total fair value of $205,000. Prepare the adjusting entry.
Comparative balance sheets for kingbird, Inc. are presented as follows. Kingbird, Inc Comparative Balance Sheets December 31 Assets 2019 Cash $73,350 Accounts receivable 84,450 Inventory 179,300 Land...
Refer to Exercise 14.4. The next table gives the quantities purchased for three products (A, B, and C) for the four quarters of last year. Quarter A B C 1 100 20 50 2 200 25 35 3 250 50 25 4 300 100...
Duval Ford, LLC, sold a new Ford F-250 pick-up truck to David Sweat. Before taking delivery, Sweat ordered a lift kit to be installed on the truck by a Duval subcontractor. Sweat also replaced the...
I know there is a lot of info but the required is small part (the ratios pink part) PROJECT INFORMATION You have been given financial statements for Amazon and Walmart (Income Statement, Balance...
Which of the following GAAP requirements for budgetary reporting is true? a. Original and final budget amounts are required for the General Fund only, b. Original and final budget amounts are...
Which of the following statements would be true concerning budgetary integration? a. The integration of budgetary accounts into the general ledger does not affect the asset and liability accounts. b....
Solve the linear programming problems in Problem using the simplex method. Maximize subject to P = 4x 3x2 + 2x3 X + 2x - X3 5 3x + 2x + 2x3 = 22 1, 2, 3 = 0 :
In 2022, Andrew, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did...
1. What is the cost of direct materials used? 2. What is the cost of indirect materials used? 3. What is the cost of direct labour? 4. What is the cost of indirect labour? 5. What is the cost of...
Finding Critical Values. In Exercises 5-8, find the critical value za/2 that corresponds to the given confidence level. 5. 90% 6. 99%
You are an attorney at the law firm that represents Danfield's Auto Express. Your supervisor, Attorney Donna Defense, wants you to draft an internal memorandum of law to her assessing whether or not...
I desperately need help in this assignment, please help me!! Case Study Assignment You have recently been recruited by Velvet Chocolates Lid, a chocolate manufacturer, as an assistant management...
Mega Brands (TSX:MB) is a Canadian toy manufacturing company based in Montreal, Quebec. It employs more than 1000 people (over half of its global work- force) at its Montreal facility. It also...
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
Distinguish between production orientation and marketing orientation, illustrating with local examples.
Explain why a firm should view its internal activities as part of a total system. Illu s trate your answer for ( a ) a large grocery products producer, ( b ) a plumbing wholesaler, ( c ) a d e...
Give examples of some of the benefits and costs that might contribute to the customer value of each of the following products: (a) a wristwatch, (b) a weight loss diet supplement, (c) a cruise on a...
Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2...
Prepare the adjusting journal entries and Post the adjusting journal entries to the T-accounts and adjust the trial balance. Dresser paid the interest due on the Bonds Payable on January 1. Dresser...
Venneman Company produces a product that requires 7 standard pounds per unit. The standard price is $11.50 per pound. If 3,900 units required 28,400 pounds, which were purchased at $10.92 per pound,...

The budgetary basis of accounting is a. Determined by a governmental entity's governing body or by law

Question:

Step by Step Answer:

The budgetary basis of accounting is determined by a governmental entitys governing body or by law or regulation In contrast to private sector account...View the full answer

Governmental And Nonprofit Accounting Theory And Practice

Students also viewed these Business questions