New f8 - governmental accounting

Question 1

Governmental Accounting Overview - Dual Objectives

Answer 1

1. Operational accountability

2. Fiscal accountability

Question 2

Governmental Accounting Overview - Fund Accounting

Answer 2

purpose - Fund accounting enables service and mission-driven organizations to easily monitor and report compliance with spending purposes (fund restrictions), spending limits (budget), and other fiscal accountability objectives.

Question 3

Definition of a Fund

Answer 3

a fund is a sum of money segregated for the purpse of carrying