ACCOUNTING-When is the federal budget prepared

QUESTION

When is the federal budget prepared?Who is responsible for preparing the federal budget?How is the final federal budget determined? Explain in detail how the government creates its budget.What percentage of the gross domestic product (GDP) is represented by the federal budget?What are the revenue sources for the federal budget? Indicate the percentage contribution of each of the major sources.How does U.S. spending as a percentage of GDP compare with spending of other countries?How are the deficits financed?Pork Barrel Spending-Additionally, Highlight one item in the federal budget preparation process or the budget itself that surprises you.

ANSWER:

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