Dr Nick

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About Dr Nick

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  • MBA (IT), PHD
    Kaplan University
    Apr-2009 - Mar-2014

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  • Professor
    University of Santo Tomas
    Aug-2006 - Present

Category > Accounting Posted 07 Jun 2017 My Price 12.00

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$1,250,000Fines and forfeits80,000Intergovernmental 500,000  Total$1,830,000  Appropriations General$300,000 Streets 50,000Public safety 800,000  Total$ 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$800,000Fines and forfeits73,000Intergovernmental 300,000  Total$1,173,000

  1. Purchase orders were issued for the following goods and services:

General$285,000 Streets 50,000Public safety 670,000  Total$ 1,005,000

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

 EstimatedActualGeneral$285,000 $280,000Streets 50,00050,000Public safety 670,000660,000   Total$ 1,005,000

Answers

Dr Nick
(4)
Status NEW Posted 07 Jun 2017 05:06 PM My Price 12.00

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