ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment NEW WORK
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ACC 460 Week 3 Exercise 12-15, Multiple Choice Assignment NEW
Complete the multiple choice questions in Exercise 12-15, p. 510:
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Multiple Choice. Choose the best answer.
- 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.
- 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.
- 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.
- 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.
- 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.
- Incremental budgeting.
- Zero-based budgeting.
- Performance budgeting.
- Internal business processes.
- Economy and efficiency.
- Learning and growth.
- 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 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.
- 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.
- 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.
- Which of the following steps would not usually be part of the budgeting process?
- The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that:
- The budgetary comparisons required of state and local governments under GASB standards:
- 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:
- Which of the following does not represent a performance measurement group under the balanced scorecard?
- Governments that choose to report service efforts and accomplishments (SEA):
- Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
- Which of the following provides guidance to government managers and auditors in determining appropriate and allowable costs chargeable to federal grants?
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