Question: List and explain the five fund balance reporting classifications required
List and explain the five fund balance reporting classifications required by the GASB.
Answer to relevant QuestionsExplain the net revenue approach to revenue recognition employed in General Fund and Special Revenue Fund (and other governmental fund) accounting and reporting, including why it is used.The terms advance to (from) other funds and due from (to) other funds have distinct meanings in governmental fund accounting and financial reporting. Explain.Multiple Choice QuestionsIdentify the best answer for each of the following:1. Which of the following is a characteristic of a Special Revenue Fund that differentiates it from a General Fund?a. A Special Revenue Fund is ...(a) Prepare general journal entries to record the following transactions in the General Ledger of the General Fund or a Special Revenue Fund, as appropriate. (b) Explain how these transactions and events are reported in the ...Presented on the following page is the Preclosing Trial Balance for the City of Savannah, Georgia’s General Fund as of December 31, 20X6 (with amounts in thousands). Assume the following:• Outstanding encumbrances as of ...
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