Budget account

Budget account
See also

Budget account is known as an account with a trading house or department store, enabling a customer to make regular payments to cover up all of his or her acquisitions, past and future. Budget account can also be known as a bank account for covering household bills, being credited with monthly retributions from the customer's checking account.

Characteristics of budget account

Federal budget accounts are the outcome of the needs and goals of many users. They reflect many roles which they have been asked to address. The present budget account structure was not created as a single integrated framework but rather developed, for the most part, as separate budget accounts over the time to respond to certain needs. Viewing these singly developed accounts collectively reveals not only the variety within the current structure but also its complexity. (United States. General Accounting Office, 1996) From the survey results made by General Accounting Office of the United States of America, budget accounts revealed a structure characterized by:

  • A concentration of budgetary resources in a few large accounts and a scattering of remaining resources among hundreds of other accounts;
  • A mix of account orientations with an emphasis on programs and processes, rather than objects of expense or organisations;
  • Over 70 percent of total budgetary resources available in fiscal year 1995 from sources which did not require congressional approval in the current year; and
  • Extensive use of general funds to provide most budgetary resources to most accounts, but with special and trust funds supporting about 30 percent of total resources and 20 percent of all accounts. (United States. General Accounting Office, 1996)

The Budget Account as a mix of orientations

In establishing a budget account, the Congress articulates its interests, which define the account's orientation. The current budget account structure displays a mix if orintations, showing both the 200 years of federal budget development and differing congressional interest. Accounts can happen to emphasize program and process orientations to a greater extent than objects and organisations.. An object orientation emphasizes the items of expanse, while an organisation orientation focuses on the responsible governmental unit.

Federal Budget account Identification Code

Each account, or group of accounts in the President's budget is assigned an account identification code by the Office of Management and Budget (OMB), in consultation with the Department of Treasury. These codes are used to run computer reports, store and access data in the budget database and identify accounts in OMB and Treasury computer reports and documents. The budget schedules that are attached in the Budget Appendix volume of President's budget use 11-digit account identification code (U. S. Government Accountability Office (2013)).

References

Author: Katarzyna Adamczyk