Question: Define a fund as the term is applied in accounting
Define a fund as the term is applied in accounting for the activities of governmental units and other nonbusiness organizations.
Answer to relevant QuestionsWhat are the revenue-recognition criteria for expendable fund entities? How do these criteria differ from revenue-recognition criteria for profit-oriented enterprises?Several independent financial activities of a governmental unit are given below.1. Revenue from the sale of licenses and permits for the first two months totaled $15,000.2. Land that had been donated previously was sold for ...During 2012, the City of Greenfield engaged in the following financial activities:1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,900,000 and appropriations ...The following account balances, among others, were included in the pre-closing trial balance of the General Fund of the City of Madison on December 31, 2013.Appropriations............. $3,488,000Cash ............. 270,000Due ...A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Explain the circum stances that would result in each of these different treatments.
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