Q Q.1 Explain the 3 standard setters in G&NP Accounting Answer: Q.2, A department of a local government began operations at the beginning of the current fiscal year with $350,000 cash. During the fiscal year, the department made cash disbursements for the following: # Salaries and other personnel costs, $1 50,000 # Office rent and utilities, $44,000 # Retirement of debt principal, $10,000; payment of interest, $2,500 # Purchased equipment at the beginning of the fiscal year for $60,000; the equipment is expected to last 4years and have a salvage value of $12,000 # Photocopier rental, $25,500 Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund. Then compute total annual expenses for this departi-nent assuming it performs activities within an Enterprise Fund. Q.3 what do you mean by a Budget? Explain its types. Additional Requirements Level of Detail: Show all work Other Requirements: Government and non-profit accounting please use your own word don?t copy it from the internet. Q Q.1 Explain the 3 standard setters in G&NP Accounting Answer: Q.2, A department of a local government began operations at the beginning of the current fiscal year with $350,000 cash. During the fiscal year, the department made cash disbursements for the following: # Salaries and other personnel costs, $1 50,000 # Office rent and utilities, $44,000 # Retirement of debt principal, $10,000; payment of interest, $2,500 # Purchased equipment at the beginning of the fiscal year for $60,000; the equipment is expected to last 4years and have a salvage value of $12,000 # Photocopier rental, $25,500 Based on the preceding transactions, compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund. Then compute total annual expenses for this departi-nent assuming it performs activities within an Enterprise Fund. Q.3 what do you mean by a Budget? Explain its types. Additional Requirements Level of Detail: Show all work Other Requirements: Government and non-profit accounting please use your own word don?t copy it from the internet