Question

In: Accounting

Obtain a recent state or local government annual operating budget from a library, the internet or...

Obtain a recent state or local government annual operating budget from a library, the internet or elsewhere and submit a brief report on this research assignment. (Include the link to your document or a .pdf of the file with your uploaded assignment submission).

https://bloomington.in.gov/sites/default/files/2018-01/2018%20Approved%20Budget.pdf

1. Identify the government and describe the budget type (e.g., line item, program, performance, etc.)

2. On what basis of accounting was the budget adopted?

3. What are the budgetary control points?

Solutions

Expert Solution

Answer :

1. The government is of United States of America (U.S.A.) and State - Indiana. The budget type is a line item type budget.

Steps performed

Step 1- visited the link mentioned in the question. The budget report was for city Bloomington. Identified that Bloomington city is in Indiana State in United States of America.

Step 2- The budget mentioned in page 65 is a line item budget. It is containing line item and department wise budget details.

2. The budget was adopted on Accrual Basis of Accounting. In accrual basis of accounting, income and expenses are recognised when they are incurred irrespective of whethe they have been actually paid or received.

3. Budgetary control points means key funds or areas for which the actual income and expenses are compared to budgeted income and expenses for checking the variances and decision making purpose.

The key budgetary control points are

a. Personal Services

b. Supplies

c. Capital Outlays

d.Service and Charges,

___________________________________________________________________________________________-


Related Solutions

(Research and Analysis) Obtain a recent state or local government annual operating budget from a library,...
(Research and Analysis) Obtain a recent state or local government annual operating budget from a library, your professor, the Internet, or elsewhere, and submit a brief report on this research assignment. (Include the link to your document or a .pdf of the file) https://bloomington.in.gov/sites/default/files/2017-06/2017budget.pdf above website is information to be used 1. Identify the government and describe the budget type (e.g., line item, program, performance). 2. On what basis of accounting was the budget adopted? 3. What are the budgetary...
Obtain the most recent annual report for JC Penney find reports via the internet. 1. List...
Obtain the most recent annual report for JC Penney find reports via the internet. 1. List the total dollar value of the inventory for 2 years on balance sheet presented in the annual report. 2. Compute the percentage of inventories to total assets for 2 years of your annual report’s balance sheets and assess the results. c. List the Cost of Goods Sold and the Gross Profit for your company for 2 years in income statement appearing in the annual...
Do an Internet and/or library search to determine the current state of the U.S. economy and...
Do an Internet and/or library search to determine the current state of the U.S. economy and the household appliance industry. This will be the bases for your summary of possible client audit and fraud risks that will be included in your report below. You need at least three sources of information for the U.S. economy and industry analysis; be sure to cite your sources in your report. You can use the most recent years for your internet search of the...
Politics Question Although government from the state to the local level is clearly unitary, local finance...
Politics Question Although government from the state to the local level is clearly unitary, local finance is very diverse, with many local levies and revenue streams. Should states abolish all local taxes and institute more efficient tax reforms? Why/why not?
Go to the local library or use the Internet to research how large firms, especially corporations,...
Go to the local library or use the Internet to research how large firms, especially corporations, are rewarding employees who have entrepreneurial skills.Pick a company and answer the following questions: a. Why is an entrepreneurial attitude important in that company today? b. What makes an entrepreneurial employee different from other employees? c. How are these employees being rewarded, and are the rewards worth the effort? Write a report that summarizes your findings.
How does the structure of accounting and reporting for a state or local government differ from...
How does the structure of accounting and reporting for a state or local government differ from that of a business? List the types of funds that organize the financial affairs of a government. Look up your state, city, county, or school financial statement and identify two to three funds that fall under each of the categories you listed before. Include a link to the document that you used to answer this question along with stating whether you used a state,...
Using the South University Online Library, the Internet, and your interactions with your local healthcare department...
Using the South University Online Library, the Internet, and your interactions with your local healthcare department and professionals, create a 4- to 5-page needs assessment in a Microsoft Word document that: Identifies and describes in detail a public health problem that is significant in your community. Provides an introduction to the problem. The introduction should describe the impact of the problem on your community and rationale for its selection. Identifies, describes, and justifies your selection of the level of the...
Government Audits & Fraud Reporting For discussion: During an audit of a state or local government,...
Government Audits & Fraud Reporting For discussion: During an audit of a state or local government, why would an independent public accountant consider it their responsibility to report suspected fraud to any person(s) or entity?
Answer completely and show work 1. Exempting the interest on state and local government bonds from...
Answer completely and show work 1. Exempting the interest on state and local government bonds from federal income taxation is the lowest cost way for the federal government to subsidize state and local borrowing costs." Evaluate this statement. 2. "If the Baumol hypothesis is correct concerning local government finances, and if the price elasticity of demand for local services is inelastic, then we are in trouble--eventually, spending for education, police and fire protection, and sanitation will require half of our...
Identify these elements of your state and local budget process: a. Does your state have an...
Identify these elements of your state and local budget process: a. Does your state have an annual or a biennial budget? Does it appear to have a separate budget for acquisition of capital assets (buildings, roads, bridges, etc)? South Carolina or Georgia b. What units direct the preparation of the executive budget/ (Not all states have an executive budget.) c. How many appropriation bills are usually passed? d. How much object-of-expenditure detail appears in these bills? e. What item-veto power,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT