Complete
the multiple choice questions in Exercise 12-15, p. 510:
1-10
PLEASE USE APA GUIDELINES
TITLE IT: MULTIPLE CHOICE ASSIGNMENT
12-15 Multiple Choice. Choose the best answer.
1. Budgets of government entities:
Are integrated with the financial accounting system.
Enable governments to demonstrate compliance with laws and to communicate performance effectiveness.
Are adopted by governments after required public hearings.
All of the above.
2. Which of the following statements regarding budgets of not-for-profit organizations is true?
Not-for-profit organization budgets are legal documents reflecting plans for spending resources.
A not-for-profit entity may choose to prepare a budget to demonstrate accountability to its resource providers, such as donors and grantors.
The budgeting approaches used for governments generally cannot be used by not-for-profit entities.
All of the above statements are true.
3. Page 511Which of the following steps would not usually be part of the budgeting process?
Heads of operating departments prepare budget requests.
The chief executive (mayor or city manager, as appropriate) formally adopts the budget, thus giving it the force of law.
One or more public budget hearings are held.
Budget officer and other central administrators review and make adjustments to departmental requests.
4. The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
The accounting system should provide the basis for appropriate budgetary control.
Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund that has a legally adopted budget.
Annual budgets should be adopted by each government.
All of the above.
5. The budgetary comparisons required of state and local governments under GASB standards:
Can be presented as a schedule within required supplementary information (RSI) or as a statement in the basic financial statements.
Must be a schedule included as part of RSI.
Continues to be a statement included in the basic financial statements.
Is no longer required.
6. An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year is called:
Incremental budgeting.
Zero-based budgeting.
Performance budgeting.
Planning-programming-budgeting.
7. Which of the following does not represent a performance measurement group under the balanced scorecard?
Customer.
Internal business processes.
Economy and efficiency.
Learning and growth.
8. Governments that choose to report service efforts and accomplishments (SEA):
Must adhere to GASB SEA gui.
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Complete the multiple choice questions in Exercise 12-15, p. 510.docx
1. Complete
the multiple choice questions in Exercise 12-15, p. 510:
1-10
PLEASE USE APA GUIDELINES
TITLE IT: MULTIPLE CHOICE ASSIGNMENT
12-15 Multiple Choice. Choose the best answer.
1. Budgets of government entities:
Are integrated with the financial accounting system.
Enable governments to demonstrate compliance with laws
and to communicate performance effectiveness.
Are adopted by governments after required public
hearings.
All of the above.
2. Which of the following statements regarding budgets of
not-for-profit organizations is true?
Not-for-profit organization budgets are legal documents
reflecting plans for spending resources.
A not-for-profit entity may choose to prepare a budget to
demonstrate accountability to its resource providers, such as
donors and grantors.
The budgeting approaches used for governments generally
cannot be used by not-for-profit entities.
All of the above statements are true.
3. Page 511Which of the following steps would not usually be
part of the budgeting process?
Heads of operating departments prepare budget requests.
The chief executive (mayor or city manager, as
appropriate) formally adopts the budget, thus giving it the force
of law.
One or more public budget hearings are held.
Budget officer and other central administrators review and
make adjustments to departmental requests.
4. The budgeting principle in generally accepted accounting
principles (GAAP) for state and local governments states that:
2. The accounting system should provide the basis for
appropriate budgetary control.
Budgetary comparison schedules should be presented as
required supplementary information for the General Fund and
each major special revenue fund that has a legally adopted
budget.
Annual budgets should be adopted by each government.
All of the above.
5. The budgetary comparisons required of state and local
governments under GASB standards:
Can be presented as a schedule within required
supplementary information (RSI) or as a statement in the basic
financial statements.
Must be a schedule included as part of RSI.
Continues to be a statement included in the basic financial
statements.
Is no longer required.
6. An approach to budgeting that requires the very existence
of each program and the amount of resources requested to be
allocated to that program to be justified each year is called:
Incremental budgeting.
Zero-based budgeting.
Performance budgeting.
Planning-programming-budgeting.
7. Which of the following does not represent a performance
measurement group under the balanced scorecard?
Customer.
Internal business processes.
Economy and efficiency.
Learning and growth.
8. Governments that choose to report service efforts and
accomplishments (SEA):
Must adhere to GASB SEA guidance.
Must adhere to GASB SEA guidance only if the SEA
report is part of the CAFR.
Must adhere to guidance provided by the Association of
3. Government Accountants (AGA) because GASB has not issued
standards addressing SEA.
May refer to guidance provided by the GASB, the AGA, or
other professional organizations.
9. Page 512Efficiency measures, as the term is used in the
service efforts and accomplishments (SEA) literature, can be
described as:
Measures that relate the quantity or cost of resources used
to units of output.
Measures that relate to the amount of financial and
nonfinancial resources used in a program or process.
Measures that relate costs to outcomes.
Measures that reflect either the quantity or quality of a
service provided.
10. Which of the following provides guidance to government
managers and auditors in determining appropriate and allowable
costs chargeable to federal grants?
Financial Accounting Standards Board pronouncements.
Government Finance Officers Association best practices
documents.
Principles published by the Association of Government
Accountants.
Guidelines issued by the Office of Management and
Budget.