Concept introduction The key part of a business is the government. The governmental funds are termed as the general funds. Accounting and financial reporting of the general funds becomes more important with increasing economy. There are two types of financial organizations in this category, governmental and not-for-profit entities. Budgeting helps to obtain optimal resource allocations to those entities and manage them efficiently. The sources of 13 fundamental governmental accounting principles and the benefit of the studying these principles.

Question

Want to see the full answer?

Answer 1

Question

Chapter 15, Problem 7UTI

To determine

Concept introduction

The key part of a business is the government. The governmental funds are termed as the general funds. Accounting and financial reporting of the general funds becomes more important with increasing economy. There are two types of financial organizations in this category, governmental and not-for-profit entities. Budgeting helps to obtain optimal resource allocations to those entities and manage them efficiently.

The sources of 13 fundamental governmental accounting principles and the benefit of the studying these principles.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

How would you define government accounting and what are the essential elements of government accounting?

What are the salient features and changes in the Government Accounting Manual? What problems or issues of the previous government accounting system that it tries to address? BoldItalicUnderline

How the hierarchy of U.S. generally accepted accounting principles for state and local government accounting can be used to resolve financial reporting issues?