Table of Contents
What is the role of legislature in the budget process?
The legislature reviews and adjusts the governor’s proposed budget until it is in a form that is acceptable to the legislature, and the budget is passed. The enacted budget is returned to the governor for his or her consideration. Governors may veto the enacted budget in its entirety.
How changes in legislation can impact on a budget?
Certain legislative changes have a direct impact on budget projections. In most cases, businesses will be aware of pending legislation before it takes effect and can plan accordingly. Sometimes, just the introduction of future legislation, even if it has not taken effect, will disrupt current budget projections.
Who prepares budget In Nigeria?
The Budget Office of the Federation was established to provide budget function, implement budget and fiscal policies of the Federal Government of Nigeria. The Budget Office is structured into six departments – six operational departments and seven units.
Who prepares national budget?
Office of Budget and Management – An advisory body that prepares the national budget and reviews agency requests for congressional appropriations. The OMB prepares the national budget, supervises and controls the administration of the budget, and helps the President propose legislation dealing with the budget.
What are the three functions of legislature?
Now we discuss the functions of the Legislature.
- In a democracy generally, the following are the functions of Legislature:
- (1) Law Making:
- (2) Control over the Budget:
- (3) Control over Executive:
- (4) Judicial:
- (5) Electoral:
- (6) Amendment of the Constitution:
- (7) A Minor of Public Opinion:
What are 2 internal and 2 external factors which may impact on budget outcomes?
External factors negatively affecting assumed revenue might include an economic downturn, unexpected competition causing lowered sales or an inability to sustain the level of growth needed. Internal factors such as inadequate collections and poor accounts receivable practices could also impact revenue.
What are the four stages of the budget process in Nigeria?
Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability.
Who is the treasurer of Nigeria?
The Accountant General of the Federation is the administrative head of the treasury of the Federal Republic of Nigeria….Accountant General of the Federation.
| Accountant General of the Federation of Nigeria | |
|---|---|
| Incumbent Ahmed Idris since June 25, 2015 | |
| Accounting | |
| Style | Mr. Accountant General |
What is variance and how to calculate it?
How to Calculate Variance? The variance formula is used to calculate the difference between a forecast and the actual result. The variance can be expressed as a percentage or as an integer (dollar value or the number of units). Variance analysis and the variance formula play an important role in corporate financial planning and analysis
What is an example of a favorable variance?
For example, if a cost has a negative difference to the forecast (lower than expected), that’s a favorable variance since it’s better to have costs lower rather than higher. The variance formula is useful in budgeting and forecasting when analyzing results.
What is the biased sample variance in statistics?
are random variables. Their expected values can be evaluated by averaging over the ensemble of all possible samples { Yi } of size n from the population. For . For this reason, is referred to as the biased sample variance . Either estimator may be simply referred to as the sample variance when the version can be determined by context.
Can variance be calculated from a finite set of observations?
As such, the variance calculated from the finite set will in general not match the variance that would have been calculated from the full population of possible observations. This means that one estimates the mean and variance from a limited set of observations by using an estimator equation.