By Alan W. Steiss, Emeka O. Nwagwu
This paintings makes a speciality of the speculation and perform of economic administration in public agencies and native executive, highlighting the making plans, research, and regulate abilities essential to navigate a way forward for swap in know-how, society, politics and economics. It information 3 basic parts of accountability within the annual monetary administration cycle - money administration, monetary making plans, and administration regulate. The authors talk about the monetary planning-control continuum, money administration and funding recommendations, and methods of monetary and managerial price accounting to aid monetary managers and public directors of their day-by-day efforts to advertise extra effective and potent use of economic assets.
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Actual overhead costs incurred by an organizational unit typically are recorded by means of an overhead clearing account and some type of subsidiary record, such as a departmental expense analysis or overhead cost sheet. Allocated or applied overhead (indirect costs) is distributed through the use of predetermined rates. 15 Significant Features of Managerial Accounting Greater emphasis on the generation of information for planning and programming purposes, seeking to establish a balance with the control function of accounting.
The resources from which principal and interest are paid and the investment and expenditure of those resources are accounted for in the debt service fund. A sinking fund spreads the cost of repayment over the life of the bond issue to avoid large, irregular demands on the organization’s annual budget. The administration of these debt-related funds is examined in Chapter 9. Maintaining accurate debt records is vital to short- and long-term financial operations. Auditable ledgers should record the identity, purpose, and amount of debt commitments associated with capital projects and the principal and interest payments made.
Reserve funds (sometimes called a capital reserve) involve the investment of a portion of current revenue each year in order to accumulate sufficient funds to initiate some particular project in the future. , major health facility or sewage disposal plant), (2) the project can be financed by service charges to pay off revenue bonds, (3) needs are urgent for public health, safety, or other emergency reasons, (4) special assessment bonds are the only feasible means of financing improvements, (5) intergovernmental revenues may be available to guarantee the security of the bonds, and (6) for financing projects in areas of rapid expansion, where the resource demands are comparatively large and unforeseen.
Financial Planning and Management in Public Organizations by Alan W. Steiss, Emeka O. Nwagwu