ACCT420-1304B-01 Government & Not for Profit Accounting

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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

  1. Make the journal entry to record the adoption of the annual budget.
  2. 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

  1. Purchase orders were issued for the following goods and services:

General

$285,000

Streets

50,000

Public safety

670,000

   

Total

$ 1,005,000

  1. 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

 

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