Describe the structure of Fund Accounting. Why do local government use this type of accounting to keep their financial records?

In order to track expenditures local government uses a "chart of accounts". Describe how the chart of accounts functions and why it is used for financial control.

Describe how the government assesses its financial position at the end of each fiscal year.

Once a government closes its books, they prepare financial statements. At that time an independent group comes in review. Who is this group and what activities are they performing?

Answer rating: 100% (QA)

1 Structure of Fund Accounting and its use in local government Fund accounting is a specialized accounting system used by governments including local governments to track and report financial transact... View the full answer