Adoption Budget Governmental Accounting

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Adoption Budget Governmental Accounting
Please provide an explanation as to why accounting transactions for governmental activities…

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Adoption Budget Governmental Accounting

Adoption Budget Governmental Accounting

ACCT 567 Discussions Week 2 All Students Posts 77 Pages

Adoption of a Budget – 41 Pages

How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise? Both businesses and governments develop budgets, however there are some unique legal aspects related to a government budget. How do government budgets relate to the law and to authorization to spend public funds? Encumbrances are also related to governmental budgeting. What is an encumbrance and what purpose do encumbrances serve?…

Governmental Accounting Transactions – 36 Pages

Please provide an explanation as to why accounting transactions for governmental activities as the governmental-wide level tend to be reported differently than transactions for the General Fund? Could you cite some examples? What is the difference between an expenditure and an expense and why do governmental funds records expenditures rather than expenses? When is an expenditure recognized in the accounting records versus when an expense is recognized?…