Fund Accounting and The Budget Please read the Discussion Instructions and Expectations Most companies establish some form of a budget prior to the beginning of each fiscal year. Then throughout the year, accounting and finance periodically compare the actuals to that budget to assess financial performance. Corporations typically track fiscal year budgets separately from the general ledger, usually either in an Excel file or in an accounting software system, just depending on the size and technical sophistication of the company. First, watch a light-hearted scene about corporate budgets. This is a scene from the television show The Office. Oscar Martinez, the company's accountant, attempts to explain the function of a corporate budget to his boss, Michael Scott. The Office - LI5 Surplus from Ryan Faucett on Vimeo. Read pages 607 - 609 from your textbook and then respond to the following questions: Describe how the budget is accounted for in accordance with the guidance from the Government Accounting Standards Board ("GASB"). How does the accounting treatment of the budget differ from corporate accounting as governed by the Financial Accountin Standards Board ("FASB")? Why do you believe this specific approach, which focuses on the budget, suits the nature of fund accounting for government entities