CBS Government & Public Sector Budgeting Flashcards

Performance-based budgeting links funding allocations to:

Answer: Measurable program outcomes and results rather than inputs or activities

Performance-based budgeting ties resource allocation to demonstrated results, encouraging agencies to achieve defined outcomes efficiently.

In state and local government accounting, GASB stands for:

Answer: Governmental Accounting Standards Board

GASB is the authoritative body that establishes accounting and financial reporting standards for U.S. state and local governmental entities.

The Budget Enforcement Act framework categorizes federal spending into two broad categories. Which of the following is one of them?

Answer: Discretionary and Mandatory spending

Federal spending is divided into discretionary spending (subject to annual appropriations) and mandatory spending (governed by permanent law, e.g., Social Security, Medicare).

An encumbrance in governmental accounting represents:

Answer: A reservation of funds for a purchase order or contract not yet paid

Encumbrances are commitments to spend (e.g., purchase orders issued) that reduce available appropriation balance before the actual expenditure is recorded.

Which type of government fund is used to account for resources restricted for a specific purpose by an external party?

Answer: Special Revenue Fund

Special revenue funds account for revenues restricted or committed to specified purposes other than debt service or capital projects.

The Antideficiency Act prohibits federal agencies from:

Answer: Obligating or expending funds in excess of amounts appropriated by Congress

The Antideficiency Act makes it a criminal offense for federal officials to spend or commit funds beyond what Congress has appropriated.