0
Prior to the Budget and Accounting Act of 1921 the budget-making process was the responsibility of?
Wiki User
∙ 11y ago
In short, Congress. Before the act was passed in 1921, there was no formal process for producing one, coherent budget. Allocations were given according to rules set by Congress, which were subject to frequent changes. This left the president and executive branch very little say over the budget and the distribution of revenue. Executive departments submitted budget requests in a far less formalized manner and it was up to Congress to decide how much each one actually recieved. Only the Secretary of the Treasury had a significant influence over the budget outside of Congress. It's rather difficult to give a more elaborate answer because prior to 1921, there really was no semblance of a "process". This is not to say it was completely sporadic, just not very regulated or defined.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What does the general accounting office do?
Budget making work of congress
Witch president created the bureau of the budget?
The bureau of the budget was created by Warren Gamaliel Harding the 29th president of the U.S. (A. Budget and Accounting Act)
Why is the budget review process necessary?
The budget review process is necessary as it scrutinizes a particular budget. This is aimed at ensuring that the budget is correct and it represents the needs of an organization in the best way possible.
Importance of accounting ratios?
accounting ratio help management to predict the further income or the improvement in expenditure of an organisation. it guards management making the budget of the organisation.
Benefit of accounting?
There are so many benefits of accounting. The basic ones include proper management of finances, it makes it easy to budget and plan for funds among others.
Is the overall coordinating activity of the budget process is the responsibility of boad director?
no, it's the responsibility of the budget commitee
The overall coordinating activity of the budget process is the responsibility of the what?
Chief Executive Officer (CEO)
When was Office for Budget Responsibility created?
Office for Budget Responsibility was created in 2010.
Responsibility for budget preparation rests with who?
The budget is the responsibility of Congress. The president can make proposals but Congress does not have to follow them them.
What has the author Jon Blondal written?
Jon Blondal has written: 'Budgeting for the future' -- subject(s): Budget, Budget process, Fiscal policy, Generational accounting, Law and legislation, New Zealand 'Budgeting in Sweden' -- subject(s): Appropriations and expenditures, Budget
The office of management and budget has the primary responsibility for doing what?
preparing the budget
What are the objectives of cost management?
Cost management is the process of planning and controlling the budget of a business. Cost management is a form of management accounting that allows a business to predict impending expenditures to help reduce the chance of going over budget.
What is budget and accounting act of 1921?
The Budget and AccountingAct was passed in 1921, creating the Bureau of the Budget, and housed it within the Department of Treasury.
What is responsibility of the president in making the country's budget?
Making the budget and setting taxes is the responsibility of Congress. The President has only an advisory capacity when it comes to budgeting.
What agency has the most responsibility for preparing the federal budget?
office of management and budget (OMB)
What does the general accounting office do?
Budget making work of congress
What phase of the budget process produces the President's budget?
Budget
