Accounting Essay

Responses
Name
Institutional Affiliation
Response #1
The discussion has focused on particular areas that were to be addressed as per the discussion prompt. The analysis focuses on budgetary accounting, and you have ensured that readers can interact with your discussion. Your interpretation of budgetary accounting is informative and ensures that one can understand how governments and nonprofit organizations handle their resources. You have also addressed the issue of accountability as well as the confidence it inspires among the citizens. You have explicitly dealt with the issue of Government Accounting Standards Board and how that ensures that all units within the different department are accountable. You should consider focusing on how the statements should be prepared and the various treatments accorded to transactions. You have also focused on fund accounting, but you should have conducted more research on the issue so as to understand how it affects budgetary accounting.
Response #2
The discussion offers a unique understanding of the issues around budgetary accounting and control. You have clearly articulated the manner in which governmental institutions and nonprofit organizations use the resources afforded to them. Your discussion also shows that budgetary accounting is an essential aspect in most societies. It ensures that aspects such as investor needs, accountability, and decision making are taken into account. You have also focused on how the government can use such statements to ensure they can source for more funds.

Future needs and plans are also taken into account and regulations such as the Government Accounting Standards Board are meant to ensure compliance. You have also done a great job when it comes to addressing the different types of funds include in budgetary accounting. Your explanation on how such accounts are closed ensures all readers get to learn from your post.