Appropriation Essays

Managerial Accounting Journal Example

The Board of Aldermen of the Hayville approved the Appropriations budget for its General Fund for the year ending December 31 as shown below. 1) Explain the legal significance of an appropriation and why auditors engaged for a financial and compliance audit need to know the meaning of the term. An appropriation is an authorization for administrators to incur on behalf of the governmental unit liabilities in the amounts specified in the appropriation ordinance or statute, for the purposes set…

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