Problem: A budget is a framework that sets a vision and provides managerial guidelines for spending public monies. One concern with the public sector is the demand for public organizations to be transparent about their budgets and spending ha bits.
Diagram: Setting Budget Goals
Assignment Guidelines: What happens when accountability is absent from a budget? How are for-profit companies different from nonprofit or government agencies in how financial progress is measured? Why should organizations establish internal controls? To answer these questions, you will address the following in 2 pages:
1. Define accountability and how it is measured in each of the following:
- For-profit organizations
- Nonprofit organizations
- Government agencies
2. Summarize why internal controls are important.