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PA 581 WEEK 8 Final Exam Version 1

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PA 581 WEEK 8 Final Exam Version 1 Final Exam – Page 1 Question 1.1. (TCO A) One of our lectures discusses the budget execution stage of the budget cycle. Please identify and explain each of the major steps in the budget execution process.(Points : 25) Question 2.2. (TCO D) What level of government do property taxes usually support? Define all of the following terms as they might apply to residential property in a city. • Level of government • Assessed value • Assessment ratio • Mil rate • Circuit breaker • Deferral (Points : 25) Question 3.3. (TCO C) Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows: Q1: $5,500,000 Q2: $5,750,000 Q3: $6,500,000 Q4: $7,250,000 On December 31, 201X, budgetary status reports showed expenditures of $11,000,000 and encumbrances of $500,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date? Show and label all work and state your conclusion. As of the end of the third quarter, the Library System shows expenditures of $18,000,000 and has $4,000,000 in encumbrances. It projects that spending in the fourth quarter will be $250,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget. Show and label all work. (Points : 25) Question 4.4. (TCO F) Our text discusses in a sidebar what happens when government finances go horribly wrong. It discusses fault, repudiation, receivership, and bankruptcy. Please describe and discuss each of these situations. (Points : 25) Question 5.5. (TCO E) When a tax system is evaluated, there are several standards that are used. Please provide your interpretations of two of them: 1. Adequacy and 2. Collectability (Points : 25) First of the standards being used in the course of evaluation of tax systems is adequacy. In course of adequacy, it is being determined that whether the tax system is being carried out in a proper manner. Tax must not be very high or very low. It must not be a burden on employees at any point of time. Another standard is collectability. This is regarding the fact that whether the government would be in the position to make collection of taxes according to the requirements. The methods of collection of taxes must also be determined in a proper and appropriate manner so that, better results are being determined. 1. (TCO A, B) Please list the four stages in the federal budget cycle. Then, list and explain the major steps in the federal executive branch budget preparation process. (Points : 25) Question 2.2. (TCO A, B) Governments need a very good accounting and reporting system to exercise budgetary control and account for all financial resource in compliance with generally accepted accounting principles. Our text discusses these items. Please identify and explain the following: • Authoritative sources for generally accepted accounting principles • Necessary elements of a full accounting system • Funds used in governmental accounting for municipalities • Basis of accounting: Cash or Accrual (Points : 25) Question 3.3. (TCO G) Explain the importance of Pareto Improvement to a governmental unit. A public project produces the following individual benefits for stakeholders stated in terms of present values when an appropriate social discount rate of 15% is used: Al = $16,000; Bev = $25,000; and Chris = $17,000. The present value of the total cost of completing and maintaining this project equals $54,000. • Explain the importance of Pareto Improvement. • Is this project economically feasible from the social point of view? Explain. • If stakeholders knew that each

PA 581 WEEK 8 Final Exam Version 1

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