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Please answer the following questions: 1. What is the requirement for government funds for which an annual budget is legally adopted? 2. How do
Please answer the following questions: 1. What is the requirement for government funds for which an annual budget is legally adopted? 2. How do you record and close budgetary accounts? 3. What are the main accounts of the General Fund? 4. What is the difference between the Balance Sheet of the General Fund and a business enterprise? 5. What is the difference between the Income Statement (Statement of Revenues, Expenditures, and Changes in Fund Balances) of the General Government Fund and a business enterprise? 6. Do we report capital assets and long-term liabilities in the Balance Sheet of the General Fund?
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