Introduction
Government accounting practice is an accounting system necessary for recording resources usage restricted by the government, and it emphasizes accountability rather than profitability ( Freeman et al., 2014) . The project, therefore, seeks to provide a critical analysis of the fund-basis financial statements inclusive of a budget comparison statement for the general funds and ledger accounts with journal entries for each of the three funds and account groups ( Granof et al., 2016) . The three funds include; the enterprise funds, governmental type funds, and the government-wide funds ( Khan, 2015). The calculation involved are explicitly demonstrated on the attached excel spreedsheets.
Budget Comparison Statement for the General Fund
Budget comparison and financial statement are clearly laid out on the attached spreadsheets.
Conclusion
Conclusively, governmental accounting practice is necessary to help the United Earth Council balance its accounts by clearly recording the financial liabilities. Also, it helps in the recording of resources as well as the operating activities since it is done in a segregated sequence to help undertake various activities and obtain targeted governmental activities. As an accountant, it is, therefore, necessary to gain a clear understanding of the governmental accounting standards, budgeting approaches as well as the financial reporting practices to help in goal completion for the government.
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References
Freeman, R. J., Shoulders, C. D., Allison, G. S., & Smith, G. R. (2014). Governmental and nonprofit accounting . Pearson Education Limited.
Granof, M. H., Khumawala, S. B., Calabrese, T. D., & Smith, D. L. (2016). Government and Not-for-Profit Accounting, Binder Ready Version: Concepts and Practices . John Wiley & Sons.
Khan, M. (2015). Accounting: Financial. Public Administration and Public Policy, Third Edition-5 Volume Set (pp. 1-6). Routledge.
