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Government & Not for Profit Accounting 2IP

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Question

Part 1: Research the following statements and write a paper of 500 words on your findings;What are the key differences between a governmental unit and a commercial company?;Discuss the following terms and how they are used during the budget process of a governmental unit;Appropriations;Encumbrances;Expenditures;Budgetary fund balances;Give examples for each of the above terms.;Part 2: Given the following information, create the journal entries required for each of the situations described;Estimated revenues;Property taxes;$1,250,000;Fines and forfeits;80,000;Intergovernmental;500,000;Total;$1,830,000;Appropriations;General;$300,000;Streets;50,000;Public safety;800,000;Total;$ 1,150,000;Make the journal entry to record the adoption of the annual budget.;Make the journal entries necessary to record the following cash revenues that were received;Property taxes;$800,000;Fines and forfeits;73,000;Intergovernmental;300,000;Total;$1,173,000;Purchase orders were issued for the following goods and services;General;$285,000;Streets;50,000;Public safety;670,000;Total;$ 1,005,000;Purchase orders were fulfilled based upon the following estimated and actual costs;Estimated;Actual;General;$285,000;$280,000;Streets;50,000;50,000;Public safety;670,000;660,000;Total;$ 1,005,000;$ 990,000

 

Paper#73613 | Written in 18-Jul-2015

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