Rex, a budget officer, conducted a class for nonaccounting managers and program directors on the subject of budgets. Rex began the class discussion by asking, â€śWhat are some of the uses of a budget?â€ť One manager replied, â€śPlanning.â€ť Another said, â€śEvaluating performance.â€ť Still another suggested, â€śCoordinating activities.â€ť â€śWhat about implementing plans?â€ť inquired another. â€śOr communicating them?â€ť added still another. â€śDonâ€™t forget motivation,â€ť one manager warned from the rear of the room. â€śIâ€™m on the school board,â€ť commented another, â€śand we use it to authorize actions.â€ť Finally, one manager asked, â€śCan budgets do all that?â€ť â€śYes,â€ť Rex responded, â€śall that and more.â€ť Select four of the uses suggested by the mangers, and explain how budgets accomplish those uses.
Answer to relevant QuestionsThe scenario: At the start of the year beginning January 1, 2013, Coco Cityâ€™s General Fund had a cash balance of $ 40,000, vouchers payable of $ 35,000, and unassigned fund balance of $ 5,000. There were no balances in ...For each scenario shown in Exercise E2-1, state which fund type would be used and which measurement focus and basis of accounting would be used for each fund type.Identify various approaches to budget preparation. Which approach is most common in practice?What is a property tax lien?A village needs resources to finance its operations for the remainder of 2013. Poor internal control procedures under the previous administration created a serious funding problem for the new administration. The new mayor ...
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