Explain the 3 standard setters in g&np accounting

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Reference no: EM13680500

Q.1 Explain the 3 standard setters in G&NP Accounting
Answer:

Q.2. A department of a local government began operations at the beginning of the current fiscal year with $350,000 cash. During the fiscal year, the department made cash disbursements for the following:
# Salaries and other personnel costs, $150,000
# Office rent and utilities, $44,000
# Retirement of debt principal, $10,000; payment of interest, $2,500
# Purchased equipment at the beginning of the fiscal year for $60,000; the equipment is expected to last 4years and have a salvage value of $12,000
# Photocopier rental, $25,500

Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund.

Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fund.

Q.3 what do you mean by a Budget? Explain its types.

Other Requirements: Government and non-profit accounting

Reference no: EM13680500

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