Debt Service Funds
In addition to general funds and special revenue funds, debt service funds are an important facet of governmental accounting. In an effort to control fund usage and accountability, debt service fund activities are documented through the following: journal entries, statements of revenues, expenditures, and fund balances; and fund balance sheets.
In this week's Application, analyze financial data of a government organization—the Town of Vidal—in order to create financial statements. Download the Town of Vidal financial data and after reviewing it, provide the following in a single Word document:
Budgetary journal entries for Town of Vidal for 2010
Journal entries for transactions for Town of Vidal for 2010
Statement of Revenues, Expenditures, and Changes in Fund Balance for the Debt Service Fund for the Town of Vidal for 2010
Balance Sheet for the Debt Service Fund for the Town of Vidal for 2010
If you were an external accountant and were provided the financial data from the Town of Vidal by internal accountants, how would you go about verifying the information you were provided? Write a brief analysis (150-300 words) of what you would need to verify the information you have been provided.
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This solution provides explanations and calculations for various questions regarding debt service funds.