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Funds & Accounting

Please assist in answering the following questions.

1. Distinguish between funds as the term is used in government and not-for-profit accounting as contrasted with business accounting.

2. Describe what is notable about the General Fund. How does the General Fund differ from the other types of Governmental Funds?

3. What are the three objectives of GAAP as it relates to budgeting, budgetary control, and budgetary reporting principles?

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The response addresses the queries posted in 344 words with references.

//Before understanding the concept of 'Government and Not-for-profit Accounting', it is a prerequisite to have clarity on the issue of funds. So, here, I am explaining the difference between funds, as the term is used in Government and Not-for-profit Accounting in the following manner: //

Funds & Accounting

Solution1. Funds in general, are defined as assets in the form of money. In business accounting, funds may be defined as all sort of financial resources utilized in the business. These financial resources may include men, money, materials, machines and others. Here funds don't refer only to cash but all those assets which can be converted into cash in the future. In governmental accounting, there are various kinds of funds which are employed. The governmental accounting is involved in a lot of varied operations and activities. Different kinds of funds from various sources are employed in these resources. (Distinctive ...

Solution Summary

The response addresses the queries posted in 344 Words, APA References.