Question: Why do some transactions require an entry in a fund
Why do some transactions require an entry in a fund and another in an account group? What impact would there be if a journal entry were made only in the fund or only in the account group?
Answer to relevant QuestionsWhat is the source of the 13 basic governmental accounting principles, and what benefit is there to studying these principles? The following transactions directly affected Rose City’s general fund and other governmental funds. Prepare journal entries to reflect their impact upon the general long-term debt account group. 1. Rose City employees ...Blushing City had the following balance sheet accounts and amounts as of January 1, 2018: Inventory of supplies .. . . . . . .. . . . . . .. . . . . . .. . . . . . .. . . . . . . $ 25,000 Fund balance, non-spendable .. . . ...The January 2, 2018, trial balance of Oneida Township follows: The following events occurred during the first six months of 2018: a. The adopted budget showed the following: Estimated expenditures ..... $620,000 Transfers to ...Why are fixed assets, acquired with proceeds from general obligation bond issues, not permanently accounted for in a capital projects fund?
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