Accounting for Governmental & Nonprofit Entities 17th Edition by Jacqueline Reck,Suzanne Lowensohn,Earl Wilson

Exercise 1

Explain why some transactions for governmental activities at the government wide level are reported differently than transactions for the General Fund. Give some examples of transactions that would be recorded in the general journals of ( a ) only the General Fund, ( b ) only governmental activities at the government-wide level, and ( c ) both.