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The financial statements prepared for each indivudual governmental fund include a balance sheet and a statement of revenues, expenditures, and changes in fund balance. What is the other statement that's prepared for the General and Special Revenue Funds that have legally adopted annual operating budgets?
budget-actual comparison statements or schedules
What is the first activity in the accounting cycle for the General Fund?
Recording the budget
The term ________ _______ is the same as accounts payable in accounting for business? These are usually settled with cash payments in 30-60 days.
Vouchers Payable
What is the order of closing temporary accounts?

  • Encumbrances

  • Budgetary accounts

  • Revenues/Expenses

  • Revenues-Expenses will be debited or credited to Fund Balance

Expenditures are classified by character and by ________ within the current operating character classification.
FUNCTION
What are key differences from accounting for government and for profit organizations?
x of y cards