accounting assignment

User Generated

anaplJ

Business Finance

Description

700 - 900 words

With regards to governmental accounting, write a paper that answers the following:

  • What is a fund and how is it used?
  • How does the balance of a fund represent the available spendable resources of the entity?
  • Why are there specialized funds in the different governmental units (e.g., debt service funds, special revenue funds, capital project funds)?
    • Describe 3 of these funds in detail, and give examples of how the funds are used.

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Explanation & Answer

Hello, am done with your task as per your instructions,,,Thanks so much.

Running head: GOVERNMENTAL ACCOUNTING

Governmental Accounting
Student’s name:
Professor’s name:
Course title:
Date:

1

GOVERNMENTAL ACCOUNTING

2

Funds are defined as form of fiscal and accounting entity which has a self-balancing set
of accounts recording financial resources as well as cash transactions in the firm. Furthermore,
funds cater for residual equities or firm balances and other related liabilities .In this approach, it
is clearly shown that funds are highly used for the purpose of achieving firm goals and targets.
Additionally, funds help firms in carrying out specific activities in accordance with special
limitations, restrictions and regulations (Bogui, 2009). As per our definition, fiscal entity
explains on the separate budgetary nature of funds which possess only spendable financial
resources. Moreover, accounting entity is a form of separate unit which is treated as a form of an
entity for accounting purposes.
Balance...


Anonymous
Very useful material for studying!

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