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

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

 
 
Looking for solution of this Assignment?

WHY CHOOSE US?

We deliver quality original papers

Our experts write quality original papers using academic databases.  

Free revisions

We offer our clients multiple free revisions just to ensure you get what you want.

Discounted prices

All our prices are discounted which makes it affordable to you. Use code FIRST15 to get your discount

100% originality

We deliver papers that are written from scratch to deliver 100% originality. Our papers are free from plagiarism and NO similarity

On-time delivery

We will deliver your paper on time even on short notice or  short deadline, overnight essay or even an urgent essay