Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

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Answer 1

Question

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

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What are the purpose and financial reporting requirements for the General and Special Revenue Funds? Please include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts

Answer 2

Question

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

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Answer 3

Question

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

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Answer 4

Question

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

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Answer 5

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

Answer 6

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

Answer 7

Chapter 4, Problem 1Q

To determine

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Answer 8

Expert Solution & Answer

Explanation of Solution

The differences between the General Fund and Special Revenue Funds are as below:

All levels of Government maintain general funds. However, special revenue funds may or may not be maintained by Government, as special revenue fund is required to finance only special projects.
The general funds may be used to finance every activity which needs to be funded. The special revenue funds need to be spent only on the projects specifically for which they had been created, thereby restricting the use of this fund.

The accounting and reporting requirements in the General Fund and Special Revenue Funds are differed in the following ways:

A government organization can create only one general fund, but it can create more than one special revenue fund depends upon the number of specific purposes of the organization.
General fund reports the use of the financial resources on an annual basis. However, Special revenue fund rarely report the use of the financial resources on an annual basis; mostly it continues till the time period of the project associated with the fund.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Explain the differences between the General Fund and Special Revenue Funds. Explain how the accounting and reporting requirements differ in the General Fund and Special Revenue Funds.

Explanation of Solution

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