Acc/460 Textbook Exercises 2,4,5,6 Chapter 2-6 Essay Example
This is for Government and Not-for-Profit Accounting. You will need to check the first half 1-10 as some of them were wrong and the instructor did not provide the correct answers. Textbook Exercises Chapter 2,4,5,6 ACC/460 Exercise 2-1
A 4. H 5. A 6. B 7. A 8. I 9.
The term "funds" has different meanings in governmental accounting and business accounting. In governmental accounting, a fund refers to a fiscal and accounting entity with a set of accounts that tracks the resources and claims of an organization. In business accounting, "funds" typically refers to working capital, which is calculated as current assets minu
...s current liabilities or specific components of working capital.
2. In government and not-for-profit accounting, the application of the accounting equation differs slightly from business accounting. However, the fundamental concept remains unchanged. A significant distinction is that in business accounting, the equation is assets = liabilities + owner's equity. Conversely, in government and not-for-profit organizations, there are no owners present. Consequently, the equation transforms to assets = liabilities + fund balance.
There are different types of fund balance: nonspendable, restricted, committed, and assigned.
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