Miss Natalia

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About Miss Natalia

Levels Tought:
Elementary,High School,College,University

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Calculus,Computer Science,Environmental science,Health & Medical Hide all
Teaching Since: Apr 2017
Last Sign in: 394 Weeks Ago, 2 Days Ago
Questions Answered: 6064
Tutorials Posted: 6070

Education

  • Doctor of Education in Educational Leadership with a Specialization in Educational Technology
    Phoniex University
    Oct-1999 - Nov-2005

Experience

  • HR Executive
    a21, Inc.
    Nov-1998 - Dec-2005

Category > Accounting Posted 01 Jun 2017 My Price 7.00

What are the key differences between a governmental unit and a commercial company?

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
  1. Make the journal entry to record the adoption of the annual budget.
  2. 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
  1. Purchase orders were issued for the following goods and services:
General $285,000 
Streets  50,000
Public safety  670,000
   
Total $ 1,005,000
  1. 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
 

Answers

Miss Natalia
(14)
Status NEW Posted 01 Jun 2017 02:06 AM My Price 7.00

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