Chapter 15, Problem 7UTI

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 sources of 13 fundamental governmental accounting principles and the benefit of the studying these principles.