Public Budgeting. Develop a three- to four-page paper in which you present an ov

Question

Public Budgeting.

Develop a three- to four-page paper in which you present an overview of public budgeting. Be sure to: a. Evaluate the philosophy of public finance. b. Compare and contrast governmental accounting with non-governmental accounting. c. Evaluate the relationship between budgeting and financial reporting in the government. Your paper must be three to four pages (not including title and reference pages) and must be formatted according to APA style as outlined in the approved APA style guide. You must cite at least three scholarly sources.

Explanation / Answer

public budgeting-

Public budgeting is a field of public administration and a discipline in the academic study thereof. Budgeting is characterized by its approaches, functions, formation, and type.

Authors Robert W. Smith and Thomas D. Lynch describe public budgeting through four perspectives. The politician sees the budget process as "a political event conducted in the political arena for political advantage".The economist views budgeting as a matter of allocating resources in terms of opportunity cost where allocating resources to one consumer takes resources away from another consumer.The role of the economist, therefore, is to provide decision makers with the best possible information. The accountant perspective focuses on the accountability value in budgeting which analyzes the amount budgeted to the actual expenditures thereby describing the "wisdom of the original policy". Smith and Lynch's public manager's perspective on a budget is a policy tool to describe the implementation of public policy.

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