Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. True or False Budget objectives can impact the overall priorities and objectives of an entity 2. True or False Elected officials do not need

1.

True or False

Budget objectives can impact the overall priorities and objectives of an entity

2.

True or False

Elected officials do not need to focus on the long-term impact of budget policy

3.

True or False

The fundamental purpose of local government is to make sure that the town or city makes a profit

4.

True or False

Cash flow measures how cash is used for an organizations core services

5.

True or False

A government balance sheet shows both Government type activities and Business type activities

6.

True or False

The budget process is not political

7.

True or False

Generally Accepted Accounting Principles (GAAP) are the accounting rules we must follow

8.

True or False

The budget process is constantly developing. And the budget itself needs to be constantly reviewed to adjust for the unexpected

9.

True or False

The fundamental purpose of the local government is to make as much profit as possible.

10.

True or False

One major difference between the public and private sector is that the public sector may use its sovereign power to impose coercive payment or taxes

11.

True or False

The balance sheet, income statement and cash flow statements are not necessary reports in the financial management of an organization

12.

True or False

Surplus and Fund balance are not same thing

13.

True or False

Privatization of government services is the best and only way to save tax dollars

14.

True or False

Discretionary spending are items in a budget that an entity has no control over and must have in their budget

15.

True or False

Structural deficits occur when revenues exceed expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Interpreting Accounting Information For Decision Making

Authors: Paul M. Collier

3rd Edition

0470777648, 9780470777640

More Books

Students also viewed these Accounting questions