Government & Not for Profit Accounting 2IP

Part 1: Research the following statements and write a paper of 500 words on your findings:
 

What are the key differences between a governmental unit and a commercial company?
Discuss the following terms and how they are used during the budget process of a governmental unit:

Appropriations
Encumbrances
Expenditures
Budgetary fund balances

Give examples for each of the above terms.

Part 2: Given the following information, create the journal entries required for each of the situations described:

Estimated revenues

 

Property taxes

$1,250,000

Fines and forfeits

80,000

Intergovernmental

500,000

 
 

Total

$1,830,000

 
 

Appropriations

 

General

$300,000

Streets

50,000

Public safety

800,000

 
 

Total

$ 1,150,000

Make the journal entry to record the adoption of the annual budget.
Make the journal entries necessary to record the following cash revenues that were received:

Property taxes

$800,000

Fines and forfeits

73,000

Intergovernmental

300,000

 
 

Total

$1,173,000

Purchase orders were issued for the following goods and services:

General

$285,000

Streets

50,000

Public safety

670,000

 
 

Total

$ 1,005,000

Purchase orders were fulfilled based upon the following estimated and actual costs:

 

Estimated

Actual

General

$285,000

$280,000

Streets

50,000

50,000

Public safety

670,000

660,000

 
 
 

Total

$ 1,005,000

$ 990,000

 
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