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Appropriation Essay Topics & Paper Examples

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 forth in that ordinance or statute, during the period of time specified. The auditor must attempt to ascertain that there were no material expenditures in violation of the appropriation ordinance or resolution. 2) It is illegal for a governmental unit…