Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 3: Issues of budgeting and controls

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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 3: Issues of budgeting and controls. Chapter 3 - Issues of budgeting and controls. In this chapter, the learning objectives are: Key purposes of budgets, need for more than one type of budget, various ways of classifying expenditures, benefits of performance budgets, key phases of the budget cycle, limitations of budget-to-actual comparisons, how an encumbrance system prevents overspending.
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Lecture note Government and not-for-profit accounting: Concepts and practices (7/e) – Chapter 3: Issues of budgeting and controls. Chapter 3 - Issues of budgeting and controls. In this chapter, the learning objectives are: Key purposes of budgets, need for more than one type of budget, various ways of classifying expenditures, benefits of performance budgets, key phases of the budget cycle, limitations of budget-to-actual comparisons, how an encumbrance system prevents overspending..

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Click icon to add picture Chapter 3 Issues of Budgeting and Controls Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | 1 All rights reserved. Thoughts to Ponder: Chapter 3 “A budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another.” - President Barack Obama “Every family in America knows they have to do a budget. Every small business in America knows they have to do a budget. Every local government, every state, knows they have to do a budget.” - Speaker John Boehner Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Learning Objectives •Key Purposes of Budgets •Need for more than one type of budget •Various ways of classifying expenditures •Benefits of performance budgets •Key Phases of the Budget cycle •Limitations of budget-to-actual comparisons •How an encumbrance system prevents overspending Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Key Purposes of Budgeting Planning Controlling and Administering Reporting and evaluating Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Importance of government budgets The General Fund and special revenue funds usually require a legally adopted budget before the government can collect revenues from taxes and other sources and incur expenditures. Severe penalties may exist for failure to comply with the budget, so it is imperative that the accounting system facilitate accounting for the budget as well as all other operating transactions. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Major types of Budgets Appropriation Budget Master budget Monitors current or operating fund (i.e. general fund) Typically covers one operating cycle Revenue and Other Support Revenues are earned from the sale of goods and services and the receipt of contributions and grants. Support refers to just contributions and grants. Expenses represent the resources that an organization uses up in carrying on its activities. A surplus or profit is the excess of revenues and support over expenses A deficit or loss is an excess of expenses over revenues and support. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Budgets Capital Budget Monitors construction and acquisition of long-lived assets Typically covers multiple years Special types of Budgets Special Purpose Budgets Performance Budgets Flexible and Zero-based Budgets Contains alternative budget estimates based on varying levels of output Helps distinguish fixed and variable costs Most useful to business-type activities where level of activity depends on customer demand Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Expenditure and Revenue Classifications Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Classification of Expenditures •Fund •Activity • Ex. general fund, special revenue fund, etc. • Def. Line of work contributing to a function or program •Function or Program • Def. Group of activities carried out with the same objective • Ex. highway patrol, burglary investigations, etc. •Character • Ex. general government, public safety, sanitation, etc. • Def. The fiscal period presumed to benefit • Ex. Current, Capital, Debt Service •Organization Unit • Ex. police department, fire department, etc. •Object • Def. The types of items purchased or services obtained • Ex. Salaries, fringe benefits, travel, etc. Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Classification of Revenues and Estimated Revenues GASB Suggestion: ◦ 1st classify by fund ◦ 2nd classify by source Sources include: S • Taxes (Ad-valorem and self-assessing) O • SpecialAssessments U • Licenses and Permits R • Intergovernmental Revenues C • Charges for Services E • Fines and Forfeits • Miscellaneous Revenues Granof, et al. – 7th edition © 2016 John Wiley & Sons, Inc. Chapter 3 | All rights reserved. Object Classification Budget

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