Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Chapter 14, Problem 4ATC
The Curious Accountant in this chapter discussed some of the budgeting issues facing the United States Olympic Committee (USOC). First, to get a basic understanding of the sources of revenues and expenses of the USOC, review its Form 990, which shows its revenues and expenditures as reported to the IRS, or its “Audited Financial Statements.” These may be accessed with the following link: www.teamusa.org/footer/finance/. You need to review only the information on the first page of the Form 990, but reviewing pages 9 and 10 of the form will provide additional insight as to the USOC’s revenues and expenses. If you use the audited financial statements, review the “Consolidated Statement of Activities.”
Required
Assume the OSOC had not previously used continuous budgeting but was considering implementing a continuous budgeting system. Also assume you had been asked to identify some of the challenges the USOC would face in implementing this system. Write a memorandum explaining the challenges you identify.
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Year/Section: B PA HC
VITY NO. 1- PUBLIC ACCOUNTING AND BUDGETING
Enumerate the objectives of the government accounting according to Section 110, Presidential
Decree 1445.
1. Briefly describe the two types of financial statements that government are required to issue under GASB 34 2. Why do governments make a journal entry to record the budget?
Waterway and Crede, CPAS, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into
three departments: auditing, tax, and consulting. Billable hours for each department, by quarter, are provided below.
Department Quarter 1 Quarter 2
Auditing
3,040
3,840
Tax
Consulting
1,920
2,000
2,720
1,920
Quarter 3- Quarter 4
2,560
2,560
1,920
3,120
3.200
1,920
Average hourly billing rates are auditing $70, tax $80, and consulting $100.
Prepare the service revenue (sales) budget for 2022 by listing the departments and showing for each quarter and the year in total,
billable hours, billable rate, and total revenue.
WATERWAY AND CREDE, CPAS
Service Revenue Budget
Chapter 14 Solutions
Survey Of Accounting
Ch. 14 - Prob. 1QCh. 14 - Prob. 2QCh. 14 - 3.What are the three levels of planning? Explain...Ch. 14 - 4.What is the primary factor that distinguishes...Ch. 14 - 5.What is the advantage of using a perpetual...Ch. 14 - Prob. 6QCh. 14 - Prob. 7QCh. 14 - 8. Ken Shilov, manager of the marketing...Ch. 14 - Prob. 9QCh. 14 - 10.What is the normal starting point in developing...
Ch. 14 - 11. How does the level of inventory affect the...Ch. 14 - 12.What are the components of the cash budget?...Ch. 14 - 13.The primary reason for preparing a cash budget...Ch. 14 - 14.What information does the pro forma income...Ch. 14 - 15.How does the pro forma statement of cash flows...Ch. 14 - Exercise 7-1A Budget responsibility Teresa...Ch. 14 - Exercise 7-2A Preparing a sales budget Parliament...Ch. 14 - Prob. 3ECh. 14 - Exercise 7-4A Preparing sales budgets with...Ch. 14 - Exercise 7-5A Determining cash receipts from...Ch. 14 - Exercise 7-6A Using judgment in making a sales...Ch. 14 - Exercise 7-7A Preparing an inventory purchases...Ch. 14 - Exercise 7-8A Preparing a schedule of cash...Ch. 14 - Exercise 7-9A Determining the amount of expected...Ch. 14 - Exercise 7-10A Preparing inventory purchases...Ch. 14 - Exercise 7-11A Preparing a schedule of cash...Ch. 14 - Prob. 12ECh. 14 - Exercise 7-13A Preparing a cash budget The...Ch. 14 - Exercise 7-14A Determining amount to borrow and...Ch. 14 - Prob. 15ECh. 14 - Problem 7-16A Behavioral impact of budgeting...Ch. 14 - Prob. 17PCh. 14 - Problem 7-18A Preparing an inventory purchases...Ch. 14 - Prob. 19PCh. 14 - Problem 7-21A Preparing a cash budget Fayette...Ch. 14 - Prob. 21PCh. 14 - Problem 7-22A Preparing budgets with multiple...Ch. 14 - Problem 7-23A Preparing a master budget for retail...Ch. 14 - ATC 7-1 Business Applications Case Preparing and...Ch. 14 - ATC7-2 Group Assignment Master budget and pro...Ch. 14 - ATC 7-4 Writing Assignment Continuous budgeting...Ch. 14 - Ethical Dilemma Bad budget system or unethical...
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