Governmental and Nonprofit Accounting: When should General Fund expenditures be recognized?

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Assignment Content
Different types of expenditures include current operations, those between intergovernmental entities, capital outlay, debt service, inventories, and prepayments. Expenditures come from various funds depending on the type of expenditure. Understanding expenditures is important in accounting because they are recorded on government budgets and financial statements.
Imagine you are part of a career day panel of government accountants in your county who are fielding questions from local high school students. These students are studying governmental accounting and are interested to hear from professionals in the field about a recent topic they have been discussing in their accounting class: general fund expenditures. In preparation, you are going to write down your thoughts and prepare an example of how the transactions of a General Fund are recorded to share with the students.

Part 1:
Write a 350- to 525-word response to Q6-2 on p. 406 of Governmental and Nonprofit Accounting:
When should General Fund expenditures be recognized? What are the major exceptions?
Part 2:
Complete E6-3 on p. 410 of Governmental and Nonprofit Accounting using the Exercise 6-3 Template.
Submit your assignment.
Comments from Customer
Discipline: government accounting

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