Accounting homework help

1. A major difference between the private sector and the public sector is the “divide between payer and decider.”   In the private sector, we choose a product and decide if we want to pay for it or not, and then purchase it or not.  In the public sector, we pay taxes into a “pot” where all the taxes from all payers are gathered.  Then our representatives decide how that money should be spent.  What impact does this divide have on budgeting AND on public satisfaction with how funds are spent?

2. The budget cycle (executive preparation, legislative consideration, budget execution, audit) is at least three years long (for one budget year).  How does this extended time period impact the utility of budgets and how we measure the effectiveness of budgeting?

3. Does the budget format selected make any difference in preparing, adopting, implementing or auditing the budget?  What about public understanding of the budget?

4. Has post-1970 “budgetary reform” simply been a struggle for power between the legislative bodies and the executive, or have they been sincere efforts to get spending under control?  If the latter, why does Congress need a law to force them to exercise spending control?

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