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There are 3 problems. Prepare the following four separate schedules in which you compare the budget-to-actual results and compute the budget...
Please find attached the assignment details. There are 3 problems...
1. Prepare the following four separate schedules in which you compare the budget-to-actual results and compute the budget variance. You need to present only the total revenues, total expenditures, and excess of revenues over expenditures.
a. Actual results on a budget basis to the amended budget
b. Actual results on a budget basis to the original budget
c. Actual results as would be reflected in the financial statements to the amended budget restated so that it is on a financial reporting basis
d. Actual results as would be reflected in the financial statements to the original budget restated so that it is on a financial reporting basis
2. The county executive has boasted that the ‘‘better than anticipated results’’ (based on the comparison of the schedule that appears in the financial statements) are evidence of ‘‘sound fiscal management and effective cost controls’’ on the part of the county administration. Do you agree?
3. Which of the three schedules best demonstrates legal compliance? Explain. 4. Which schedule best demonstrates effective manage- ment? Explain.
