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ACCY161_Sp11_Notes20_Budgeting - plans 3 Retrospectively...

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ACCY161 – Spring 2011 Class #20 – Budgeting Chapter 13 I. Class Notes 1. Projects 2. Exam web pages II. Budgeting Review from Prior Lectures A. Comments 1. Budgets and budgetary accounting and reporting are supported by the GASB principles (#10 for example) – See Chapter Two Appendix 2. Budgetary accounting is used only in the governmental funds – see Illustration 2-2 – and not in the proprietary or fiduciary funds or in the government-wide accounting 3. But budgets should be used in all governmental entities for accountability reasons. 4. The budget process is not determined by GASB, only that a budget is used in the governmental funds 5. There can be some statutory requirements – such as formal policies or public laws – that require the use and form of the budget that operationally will supplement the GASB budgeting requirements. B. Budget Objectives 1. Compliance with laws 2. Prospectively: Communicate policies, priorities, operational plans, financial
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Unformatted text preview: plans 3. Retrospectively: Communicate performance, effectiveness and efficiency 4. Compliance with GASB standards III. Budget Types 1. Capital budget 2. Current budget – this is the one we use in our governmental accounting class 3. Cash receipts and disbursements budget 4. Prospective budget – 3 to 5 year budget - this where the budget officers and budget analyst earn their keep. IV. Budget Types and Processes A. Types of current operating budgets 1. Object of expenditure 2. Zero-based budgeting 3. Performance budgets 4. Program budgets B. Budgeting processes 1. Timetables 2. Level of detail 3. Objective is to make the budgeting process efficient and effective V. Budgetary Reporting – Related to General Financial Reporting in Chapter Nine 1. Original budget 2. Final or revised budget 3. Actual amounts 4. Difference or variance 5. Interim reporting until the actual final amounts are determined...
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