Why should the original budget and the final budget be presented on a budgetary comparison statement...
Why should the original budget and the final budget be presented on a budgetary comparison statement or schedule?
Homework Answers
Budgetary comparison statements/schedules must be provided for the General Fund and each major special revenue fund that has a legally adopted annual budget. In order for budget to actual comparisons to be meaningful, actual revenues and expenditures must be reported in the same manner as the budgeted amounts. Actual revenues and expenditures reported in the statement of revenues, expenditures, and changes in fund balances should be on the GAAP basis.
Actual amounts in a budgetary comparison should be presented using the government’s budgetary basis (cash, accrual, or modified accrual).
A budgetary comparison schedule presented as required supplementary information for the general fund should report variances for the difference between Final budget amounts and actual amounts.
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Why should the original budget and the final budget be presented
on a budgetary comparison statement...
Included in the materials for this discussion is a budgetary comparison statement showing a government’s original...
Included in the materials for this discussion is a budgetary comparison statement showing a government’s original adopted budget, and actual results on the budgetary basis of accounting ($ in thousands). Assume the amount originally budgeted for sales tax revenues was based on the expectation that taxable sales would increase by 6 % over the previous year. Review the provided budgetary comparison statement. Consider the adequacy of the budget provisions and whether they should have been revised. What does the statement...
P3-3 (Budgetary Comparison Statement) This problem is based on the information about the Murphy County General...
P3-3 (Budgetary Comparison Statement) This problem is based on the information about the Murphy County General Fund budgeted and actual transactions and events described in Problem 3-2. P3-2 (Budgetary and Other Entries—General and Subsidiary Ledgers) The Murphy County Commissioners adopted the following General Fund budget for the 20X8 fiscal year: Murphy County General FundBudget—20X8 Estimated Revenues: Taxes $ 8,000,000 Licenses and permits 800,000 Intergovernmental 2,000,000 Charges for services 200,000 Fines and forfeits 400,000 Other 600,000 12,000,000 Appropriations: General government 1,000,000 ...
what would a comparison of the break even points in sales dollars for the original budget...
what would a comparison of the break even points in sales dollars for the original budget cost structure and the two alternatives (pay agents more or hire own sales staff)
Q3. (a) Distinguish between 'budgetary planning' and 'budgetary control (4 marks) (b) Why should organisations ensure...
Q3. (a) Distinguish between 'budgetary planning' and 'budgetary control (4 marks) (b) Why should organisations ensure that they have robust budgeting processes? (4 marks) (c) Flexible budgets have been prepared for two output levels as follows Production and sales (units) 25000 40000 Sales revenue 500000 800000 Direct materials Direct labour Depreciation Maintenance 200000 150000 3500 3000 320000 240000 3500 3600 Total costs 356500 567100 Profit 143500 232900 Actual production and sales were 36000 units and actual costs and revenues were...
Must be original Can you tell me why inventories should be included in (a) a statement...
Must be original Can you tell me why inventories should be included in (a) a statement of financial position and (b) the computation of net income?
The following transactions occurred during the 2020 fiscal year for the City of Evergreen. For budgetary...
The following transactions occurred during the 2020 fiscal year
for the City of Evergreen. For budgetary purposes, the city reports
encumbrances in the Expenditures section of its budgetary
comparison schedule for the General Fund but excludes expenditures
chargeable to a prior year’s appropriation.
The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes
$
1,943,000
Licenses and permits
372,000
Intergovernmental revenue
397,000
Miscellaneous revenues
62,000
Total estimated revenues
2,774,000
Appropriations:
General government
471,000
Public safety
886,000...
Budget top down budget budgetary control Select each of the terms with the best description of...
Budget
top down budget
budgetary control
Select each of the terms with the best description of its purpose. Terms Budgeting Definitions 1. Planning future business actions and expressing them as formal plans 2. A comprehensive business plan that includes operating investing, and financing budgets 3. Employees who will be evaluated by a budget help prepare it 4 Shows expected cash inflows and outflows and helps determine financing needs 5. An approach that requires all expenses to be justified for each...
A) Budgeting and Budgetary Control (Three methods of preparing cash budget; Receipts and Payments Method, Adjusted...
A) Budgeting and Budgetary Control (Three methods of preparing cash budget; Receipts and Payments Method, Adjusted Profit and Loss Method, Balance Sheet Method - which one is more practical and fit for the purposes of businesses and why?
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and...
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and $169,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $374,00e 114,800 94,800 165,800 In Aprni, heavy spring rains caused some flooding near the ver. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of...
Presented here are the original overhead budget and the actual costs incurred during April for Piccole,...
Presented here are the original overhead budget and the actual costs incurred during April for Piccole, Inc. Piccolo's managers we overhead to direct labor hours for planning, control and product casting purposes. The original budget is based on budgeted production of 22.500 units in 5.700 tandard direct labor hours. Actual production of 24 400 is required 6.0 actual direct labor hour Original Budget Actus Costs SO Vale overhead Feed overhead 40.470 Required a. Calculate the texed budget allowances for variable...
Q3. (a) Distinguish between 'budgetary planning' and 'budgetary control (4 marks) (b) Why should organisations ensure that they have robust budgeting processes? (4 marks) (c) Flexible budgets have been prepared for two output levels as follows Production and sales (units) 25000 40000 Sales revenue 500000 800000 Direct materials Direct labour Depreciation Maintenance 200000 150000 3500 3000 320000 240000 3500 3600 Total costs 356500 567100 Profit 143500 232900 Actual production and sales were 36000 units and actual costs and revenues were...
The following transactions occurred during the 2020 fiscal year
for the City of Evergreen. For budgetary purposes, the city reports
encumbrances in the Expenditures section of its budgetary
comparison schedule for the General Fund but excludes expenditures
chargeable to a prior year’s appropriation.
The budget prepared for the fiscal year 2020 was as follows:
Estimated Revenues:
Taxes
$
1,943,000
Licenses and permits
372,000
Intergovernmental revenue
397,000
Miscellaneous revenues
62,000
Total estimated revenues
2,774,000
Appropriations:
General government
471,000
Public safety
886,000...
Budget
top down budget
budgetary control
Select each of the terms with the best description of its purpose. Terms Budgeting Definitions 1. Planning future business actions and expressing them as formal plans 2. A comprehensive business plan that includes operating investing, and financing budgets 3. Employees who will be evaluated by a budget help prepare it 4 Shows expected cash inflows and outflows and helps determine financing needs 5. An approach that requires all expenses to be justified for each...
A) Budgeting and Budgetary Control (Three methods of preparing cash budget; Receipts and Payments Method, Adjusted Profit and Loss Method, Balance Sheet Method - which one is more practical and fit for the purposes of businesses and why?
The town council of Riverside estimated revenues for 2017 to be $690,000 from property taxes and $169,000 from business licenses. The appropriations budget from the council was as follows General government Parks and recreation Sanitation Streets and sidewalks $374,00e 114,800 94,800 165,800 In Aprni, heavy spring rains caused some flooding near the ver. As a result, a picnic area at River's Edge Park was ruined and several damaged shops had to shut down. The council adopted an upward revision of...
Presented here are the original overhead budget and the actual costs incurred during April for Piccole, Inc. Piccolo's managers we overhead to direct labor hours for planning, control and product casting purposes. The original budget is based on budgeted production of 22.500 units in 5.700 tandard direct labor hours. Actual production of 24 400 is required 6.0 actual direct labor hour Original Budget Actus Costs SO Vale overhead Feed overhead 40.470 Required a. Calculate the texed budget allowances for variable...
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