Lorinzer Denning-ACC410-Wk3

Lorinzer Denning-ACC410-Wk3 - ACC410 Wk3 Q2-1 If budgetary...

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Unformatted text preview: ACC410 Wk3 Q2-1 If budgetary basis differs significantly from GAAP basis, a government must clearly distinguish its budgetary basis from the GAAP basis, maintain budgetary accounting control during the year on the budgetary basis and also accumulate the additional data needed for GAAP reporting, and Prepare financial statements or schedules on both bases and explain and reconcile the differences between the budgetary and GAAP bases. Q2-2 Governmental Funds- focuses primarily on the sources, uses, and balances of current [expendable] financial Resources: The General Funds, Special Revenue Funds, Capital Projects Funds, Debt Service Funds, and Permanent Funds. Proprietary Funds-focuses on the determination of operating income, changes in net assets, financial position, and cash flows: Enterprise Funds, and Internal Services Funds. Fiduciary Funds-reporting focuses on net assets and changes in net assets: Pension Funds, Private-Purpose Trust funds, Investment Trust Funds, and Agency Funds. Q2-3 The government required Special Revenue Funds to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes. The government required to Debt Service Funds to account for the accumulation of resources for, and the payment of general long-term debit principal and interest. for, and the payment of general long-term debit principal and interest....
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This note was uploaded on 07/13/2008 for the course ACCT 403/410 taught by Professor N/a during the Spring '08 term at Strayer.

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Lorinzer Denning-ACC410-Wk3 - ACC410 Wk3 Q2-1 If budgetary...

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