Acc/460 Textbook Exercises 2,4,5,6 Chapter

This is for Government and Not -for-Profit Accounting

You will need to check the first half 1-10 as some of them were wrong and the instructor did not provide the correct answers.

Textbook Exercises Chapter 2,4,5,6

ACC/460

Exercise 2-1

1. J

2. G

3. A

4. H

5. A

6. B

7. A

8. I

9. A

10. F

Questions 1-10:

1. Distinguish between funds as the term is used in governmental as contrasted with business accounting.

When distinguishing between governmental accounting and business accounting, in governmental accounting a fund is a fiscal and accounting entity that has a self-balancing set of accounts that is used to account for the resources and claims of an organization. When referring to business accounting, the funds usually...