Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN: 9781337115773
Author: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher: Cengage Learning
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Question
Chapter 9, Problem 76C
1.
To determine
Explain the timing of preparation of federal budget.
2.
To determine
Explain the authority responsible for preparation of federal budget.
3.
To determine
Explain the procedure of creation of the final budget.
4.
To determine
Find out the percentage of
5.
To determine
Identify the revenue sources for the federal budget. Also, identify the percentage contribution of each of the revenue sources.
6.
To determine
Compare the government spending of UNSA with other countries, as a percentage of GDP.
7.
To determine
Explain the manner in which deficits are financed.
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Students have asked these similar questions
Budgeting is the process of making the budgets for any corporation, country, or entity. In a developing country like Ghana, the government budget is the principal instrument for mobilizing the required sources of funds. The Ministry of Finance introduced Programme Based Budgeting in 2010 for improvement in the budgeting practices. Different financial programmes like the Public Financial Management Reform Program and Public Expenditure Management System were introduced in Ghana.
Step 3
Public Financial Management Reform Program (PUFMARP) and Public Expenditure Management System (BPM):
These programs were introduced by the Ministry of Finance in Ghana. These ensure system-based payment and budget control on all the transactions of public funds. These can lead to improvements in the financial and internal control system by modifying payments, accounting, and reconciliation, and reporting procedures.
Role of programs in Ghana:
Help in implementation of program-based budgeting.
Help in…
1. How is the annual national budget prepared?
2.Who are the persons/ agency involved in budget preparation?
In your own words, explain comprehensively the government budget process. Why is there a need for each process to be done? What is the implication of the government processes to government growth and improvement?
Why does the government use fund accounting?
Explain in your own words the objective of government accounting and your role as future accountants in achieving such an objective.
Chapter 9 Solutions
Managerial Accounting: The Cornerstone of Business Decision-Making
Ch. 9 - Define the term budget. How are budgets used in...Ch. 9 - Prob. 2DQCh. 9 - Explain how both small and large organizations can...Ch. 9 - Prob. 4DQCh. 9 - What is a master budget? An operating budget? A...Ch. 9 - Explain the role of a sales forecast in budgeting....Ch. 9 - All budgets depend on the sales budget. Is this...Ch. 9 - Why is goal congruence important?Ch. 9 - Why is it important for a manager to receive...Ch. 9 - What is participative budgeting? Discuss some of...
Ch. 9 - A budget too easily achieved will lead to...Ch. 9 - Explain why a manager has an incentive to build...Ch. 9 - Discuss the differences between static and...Ch. 9 - Explain why mixed costs must be broken down into...Ch. 9 - What is the purpose of a before-the-fact flexible...Ch. 9 - Prob. 1MCQCh. 9 - Which of the following is part of the control...Ch. 9 - Which of the following is not an advantage of...Ch. 9 - The budget committee a. reviews the budget. b....Ch. 9 - A moving, 12-month budget that is updated monthly...Ch. 9 - Which of the following is not part of the...Ch. 9 - Before a direct materials purchases budget can be...Ch. 9 - The first step in preparing the sales budget is to...Ch. 9 - Which of the following is needed to prepare the...Ch. 9 - A company requires 100 pounds of plastic to meet...Ch. 9 - A company plans to sell 220 units. The selling...Ch. 9 - Select the one budget below that is not an...Ch. 9 - A company has the following collection pattern:...Ch. 9 - The percentage of accounts receivable that is...Ch. 9 - Which of the following is not an advantage of...Ch. 9 - Prob. 16MCQCh. 9 - For performance reporting, it is best to compare...Ch. 9 - To create a meaningful performance report, actual...Ch. 9 - To help assess performance, managers should use a...Ch. 9 - A firm comparing the actual variable costs of...Ch. 9 - Preparing a Sales Budget Patrick Inc. sells...Ch. 9 - Preparing a Production Budget Patrick Inc. makes...Ch. 9 - Preparing a Direct Materials Purchases Budget...Ch. 9 - Preparing a Direct Labor Budget Patrick Inc. makes...Ch. 9 - Preparing an Overhead Budget Patrick Inc. makes...Ch. 9 - Preparing an Ending Finished Goods Inventory...Ch. 9 - Preparing a Cost of Goods Sold Budget Andrews...Ch. 9 - Preparing a Selling and Administrative Expenses...Ch. 9 - Preparing a Budgeted Income Statement Oliver...Ch. 9 - Preparing a Schedule of Cash Collections on...Ch. 9 - Preparing an Accounts Payable Schedule Wight Inc....Ch. 9 - Preparing a Cash Budget La Famiglia Pizzeria...Ch. 9 - Flexible Budget with Different Levels of...Ch. 9 - Performance Report Based on Budgeted and Actual...Ch. 9 - Preparing a Sales Budget Tulum Inc. sells powdered...Ch. 9 - Preparing a Production Budget Tulum Inc. makes a...Ch. 9 - Preparing a Direct Materials Purchases Budget...Ch. 9 - Preparing a Direct Labor Budget Tulum Inc. makes a...Ch. 9 - Preparing an Overhead Budget Tulum Inc. makes a...Ch. 9 - Prob. 40BEBCh. 9 - Preparing a Cost of Goods Sold Budget Lazlo...Ch. 9 - Preparing a Selling and Administrative Expenses...Ch. 9 - Preparing a Budgeted Income Statement Jameson...Ch. 9 - Preparing a Schedule of Cash Collections on...Ch. 9 - Pilsner Inc. purchases raw materials on account...Ch. 9 - Preparing a Cash Budget Olivers Bistro provided...Ch. 9 - Flexible Budget with Different Levels of...Ch. 9 - Performance Report Based on Budgeted and Actual...Ch. 9 - Planning and Control a. Dr. Jones, a dentist,...Ch. 9 - Use the following information for Exercises 9-50...Ch. 9 - Prob. 51ECh. 9 - Production Budget and Direct Materials Purchases...Ch. 9 - Production Budget Aqua-Pro Inc. produces...Ch. 9 - Direct Materials Purchases Budget Langer Company...Ch. 9 - Direct Labor Budget Evans Company produces asphalt...Ch. 9 - Sales Budget Alger Inc. manufactures six models of...Ch. 9 - Production Budget and Direct Materials Purchases...Ch. 9 - Schedule of Cash Collections on Accounts...Ch. 9 - Schedule of Cash Collections on Accounts...Ch. 9 - Cash Payments Schedule Fein Company provided the...Ch. 9 - Cash Budget The owner of a building supply company...Ch. 9 - Flexible Budget for Various Levels of Production...Ch. 9 - Use the following information for Exercises 9-63...Ch. 9 - Use the following information for Exercises 9-63...Ch. 9 - Prob. 65PCh. 9 - Operating Budget, Comprehensive Analysis Allison...Ch. 9 - Use the following information for Problems 9-67...Ch. 9 - Use the following information for Problems 9-67...Ch. 9 - Use the following information for Problems 9-67...Ch. 9 - Ryan Richards, controller for Grange Retailers,...Ch. 9 - Participative Budgeting, Not-for-Profit Setting...Ch. 9 - Cash Budget The controller of Feinberg Company is...Ch. 9 - Optima Company is a high-technology organization...Ch. 9 - Direct Materials and Direct Labor Budgets Willison...Ch. 9 - Prob. 75PCh. 9 - Prob. 76CCh. 9 - Prob. 77CCh. 9 - Budgetary Performance, Rewards, Ethical Behavior...
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Similar questions
- Many governments budget on the cash basis. Explain why a government would budget on a cash basis rather than on a GAAP-basis. What basis of accounting would you recommend for a municipality budget? Explain and justify your selection.arrow_forwardExplain the budgetary process providing practical examples. This is in terms of Government Accounting.arrow_forward1. Briefly describe the two types of financial statements that government are required to issue under GASB 34 2. Why do governments make a journal entry to record the budget?arrow_forward
- 1 . Discuss the significance of public sector budgets from the perspective of a government agency ..in more wordsarrow_forwardA nonprofit consultant’s website recommends the following budget structure for new nonprofits.  What is this budget structure called? What are the most important strengths and weaknesses for this type of budget structure?arrow_forwardWhat is the difference between forecasting and budgeting? Provide examples. Who funds law enforcement agencies? What are some possible new sources of funding for a police department, a municipal court, and a state prison?arrow_forward
- Select a current issue for which you can find background material. Become familiar with the issue and build a budget request that provides a solution to the issue. If a solution is already publicly available, work through the data so that you can re-create the budget request. Prepare a verbal briefing of no more than 10 minutes that reviews the background of the issue, identifies why it must be addressed, describes what your proposal will do to address the issue, and gives the amount of your budget request.arrow_forwardThe Office of Management and Budget has the primary responsibility for doing which of the following?O Approving the budget O Preparing the budget Auditing the budget Implementing federal unemployment policy O Appropriating funds for the budgetarrow_forwardWhere is the Fed Funds rate as of today? Are there any other steps that can be taken by the government in terms of fiscal policies? Please elaborate.arrow_forward
- Mulitple choice question In the federal government, which organizations make appropriations and which make apportionments?  Select one: a. The Congress makes appropriations, and the Treasury Department appropriates to individual departments the total amount apportioned by the Congress. b. The Congress makes appropriations, and the Office of Management and Budget periodically apportions parts of the appropriations to departments. c. The Congress makes appropriations, and department heads apportion the appropriations to individual agencies or divisions within the department. d. The President makes appropriations, and department heads periodically apportion parts of the appropriations to agencies in the department.arrow_forwardCan you explain how budgetary accounting contributes to achieving budgetary control over revenues and expenditures for governmental entities and not-for-profit entitiesarrow_forwardGovernment budgets prevent public officials from spending outside their budgetary authority, and the increased importance of budgets is reflected in government financial reports by a required report comparing budgeted and actual amounts. What are your thoughts on misappropriation of funds based on the above statements?arrow_forward
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