Concept introduction The key part of a business is the government. The governmental funds are termed as the general funds. Accounting and financial reporting of the general funds becomes more important with increasing economy. There are two types of financial organizations in this category, governmental and not-for-profit entities. Budgeting helps to obtain optimal resource allocations to those entities and manage them efficiently. The requirement of an entry in a fund and another in an account group. The impact of a journal entry made only in the fund or only in the account group.

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Chapter 15, Problem 6UTI

To determine

Concept introduction

The key part of a business is the government. The governmental funds are termed as the general funds. Accounting and financial reporting of the general funds becomes more important with increasing economy. There are two types of financial organizations in this category, governmental and not-for-profit entities. Budgeting helps to obtain optimal resource allocations to those entities and manage them efficiently.

The requirement of an entry in a fund and another in an account group. The impact of a journal entry made only in the fund or only in the account group.

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