User Account

All Pages

Explain the legal significance of an appropriation

Assignment Help Accounting Basics
Reference no: EM132843474

The Board of Aldermen of Fitchburg approved the appropriations budget for its General Fund for the year ending December 31, as shown below:

General Government $600,000
Public Safety 3,100,000
Public Works 1,400,000
Health & Welfare 800,000
Cultural & Recreation 400,000
Contribution & Retirement Fund 700,000
Total General Fund Appropriation $7,000,000

Problem 1) Explain the legal significance of an appropriation and why auditors engaged in a financial and compliance audit need to know the meaning of the term.

Problem 2) It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?

Reference no: EM132843474

Questions Cloud

Calculate the probability of the complementary event : 996 people phoned customer support for help with their internet connection. Technicians were not able to provide a solution for 332 customers who had called.
Identify key assertion in relation to the provided account : You are an audit graduate assigned to the XYZ Ltd, Identify the key assertion in relation to the provided account that the control addresses.
Project motorcycles : You are a project manager for a medium-sized manufacturer of motorcycle cruisers. Suggest the project management leadership style
Calculate the net income : Cushman Company had $840,000 in sales, sales discounts of $12,600, sales returns and allowances of $18,900, Calculate the net income
Explain the legal significance of an appropriation : Explain the legal significance of an appropriation and why auditors engaged in a financial and compliance audit need to know the meaning of the term.
Prepare closing entries at june : The adjusted trial balance for Victoria Cullumber Company for the year ended June 30, 2021, follows. Prepare closing entries at June
Complete internal competitive environmental scan : Identifies and analyzes the most important external environmental factors in the remote, industry, and external operating environments.
Compare various mpp architectures in processor selection : Compare GPU and CPU chips in terms of their strengths and weaknesses. In particular, discuss the trade-offs between power efficiency, programmability
Do agree or disagree with collison and why : Emphasis on profits and more emphasis on other performance indicators? Why? What might be some of the alternative measures of performance?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd