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A political official boasts that the year-end excess of revenue over expenditure was significantly greater than was budgeted.
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User: A political official boasts that the year-end excess of revenue over expenditure was significantly greater than was budgeted.

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Expert answered|sharpies|Points 7500|

User: A political official boasts that the year-end excess of revenue over expenditure was significantly greater than was budgeted. o Are "favorable" budget variances necessarily a sign of efficient and effective governmental management? Explain.

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Asked 4/30/2012 7:52:44 AM
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Distinguish between non-spendable, restricted, committed, and assigned fund balance.
Weegy: Non-spendable: amounts that due to their nature can't be spent. [ Restricted: Amounts required to be classified as restricted result from restrictions placed on their use by: External enforceable legal restrictions that are imposed by creditors, grantors, contributors, or laws and regulations of other governments. Imposed by law through constitutional provisions or enabling legislation. Committed: arise from self-imposed constraints put on the use of the funds by the government’s highest level of authority, which is the full governing body. The commitment must be made by formal action (resolution or ordinance) and the action must be taken before the end of the fiscal year. Assigned: arise from intentions of the government to use the funds for a specific purpose. This action may be taken by the highest level of authority or a designated body (committee) or an individual (city manager or mayor). This is less formal than committed. ] (More)
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Asked 4/25/2012 11:11:43 AM
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What are fiduciary funds? What are the two main types and what is the distinction between them?
Weegy: Fiduciary funds are used to account for assets held in trust by the government for the benefit of individuals or other entities.[15] The employee pension fund, created by the State of Maryland to provide retirment benefits for its employees, [ is an example of a fiduciary fund.[13] Financial statements may further distinguish fiduciary funds as either trust or agency funds; a trust fund generally exists for a longer period of time than an agency fund ] User: What is permanent about a permanent fund? (More)
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Asked 4/25/2012 11:20:00 AM
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What is permanent about a permanent fund?
Weegy: a permanent fund is one of the five fund types established by GAAP classified as a government fund. [ Put simply a permanent fund may be used to generate and disperse money to those entitled to receive payments by qualification or agreement, as in the case of Alaska citizens or residents that satisfy the rules for payment from their permanent fund from State oil revenues. It was first introduced through GASB Statement 34. The name of the fund comes from the purpose of the fund: a sum of equity used to permanently generate payments to maintain some financial obligation. Also, a fund can only be classified as a permanent fund if the money is used to report the status of a restricted financial resource. The resource is restricted in the sense that only earnings from the resource are used and not the principal. For example, a fund can be classified as a permanent fund if it being used to pay for accounting services for a perpetual endowment of a government-run cemetery or financial endowments towards a government-run library. A common misconception is that permanent funds are required for special-purpose government entities that solely engage in business-type activities. However, this is not the case. According to Statement 34, that special-purpose government entity needs only to report the net balance of the restricted resources. ] (More)
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Asked 4/25/2012 11:45:03 AM
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Why may flexible budgets be more important to a government's business -type activities than to its government-type activities?
Weegy: to manage the federal government's budget. (More)
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Asked 4/30/2012 7:46:15 AM
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