GAAP Require State and Local Governments to Include in Their

question 17

Essay

GAAP require state and local governments to include in their annual financial reports a budget-to-actual comparison showing actual results and original and final appropriated budgets. What are the advantages of requiring both the original and final appropriated budget amounts?

---

Definitions:

Planning

The process of defining objectives, deciding on strategies, and outlining tasks and schedules to achieve the desired outcomes.

Continuous Process

An ongoing operational process in manufacturing or production that is characterized by a constant output or continuous flow of products or materials.

Planning

The methodology of establishing objectives, formulating strategies, and detailing the tasks and timelines needed to achieve those objectives.

Springboard To Success

A metaphorical phrase indicating a situation, opportunity, or resource that significantly aids in achieving success.