Description
Solve the questions:
1. Explain the major events that have occurred recently and will be recorded in the accounting records.
2. What fund or funds will be affected by these events?
*** In-Text Citations and References using Harvard style.
Explanation & Answer
Hello, kindly find attached.
Accounting for Governmental and Not-For-Profit Entities 1
Accounting for Governmental and Not-for-Profit Entities
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Accounting for Governmental and Not-For-Profit Entities 2
Major Recent events
Events are major stakeholders in determining the economic activities derived off
particular occurrences. Economic events may impact the financial status of government
organizations through measurable events that alter their financial condition. According to
(CRED, 2020) 103 billion US$ were lost to natural disasters where EM- DAT recorded a total of
396 natural disasters in 2019 alone. The occurrence of events vary from country to country or
region to region for example Asia was hit the hardest with 40% of the total events. Recently we
have experienced a number of events that have negatively affected the economic pool of funds to
respective population. They are limitless...