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What is meant by budgetary accounting

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Reference no: EM132221650

Question: Governmental accounting gives substantial recognition to budgets, with budgets being recorded in the accounts of the governmental unit.

1. What is meant by budgetary accounting?

2. What is the purpose of a governmental accounting system?

3. Why is the budget recorded in the accounts of a governmental unit?

4. Explain the purpose and significance of appropriations.

5. Describe when and how a governmental unit

• records its budget, and

• closes out the budgetary accounts.

Reference no: EM132221650

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