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How does budgeting for a governmental entity differ from a forprofit entity? Why?

What types of budgeting techniques are used for governmentalentities?

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Jamar Ferry
Jamar FerryLv2
28 Sep 2019

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Interview an accountant (at a local business, nonprofit organization, government entity) or an accounting instructor. List their name and what organization they are with in your assignment. How are budgets used? How does budgeting help managers plan business activities? How does budgeting help them control activities? Give at least THREE specific examples.

1. Using your own words, please explain how a government uses the General fund. What type of transactions and activities are recorded in the general fund?

2. What are the unique characteristics of the Special Revenue funds? What elements of the Special Revenue Funds changed under GASB No. 54?

3. Explain why long term assets and liabilities are not included in the governmental funds financial statements.

4. What types of transactions and accounts are considered deferred inflows and outflows of resources, and how do they differ from assets and liabilities?

5. How does the Statement of Cash Flows of a governmental entity differ from a Statement of Cash Flows prepared by a publicly-traded company under FASB?

6. What are component units and what is the criteria for inclusion in the financial statements of the primary government?

How does zero-based budgeting differ from the more traditionalapproaches to budgeting, such as starting with last year's budgetand adding to or subtracting from last year's figures? What are theprincipal arguments for and against the use of the zero-basedapproach?

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