Revenues and expenditures are reported in governmental funds, and revenues and expenses are reported in proprietary funds. How do revenues and expenditures in governmental funds differ from revenues and expenses in proprietary funds?
Answer to relevant QuestionsWhy are a municipality’s general capital assets and general long-term liabilities accounted for through nonfund accounts rather than within one of its governmental funds, such as the General Fund?What are deferred outflows and deferred inflows? How are they reported?Indicate the fund or nonfund accounts that should be used to account for each of the following:1. Tax revenues restricted for road maintenance.2. Resources restricted for construction of a new government office building.3. ...a. Analyze the effects of the following transactions on the accounting equations of the various funds and nonfund accounts of a state or local government. (For any borrowing transactions, reflect any necessary year-end ...Explain what is meant by General Ledger control over the Revenues Subsidiary Ledger and the Expenditures Subsidiary Ledger.
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