Reconciliation of the Government Wide Financial Statement With the Fund Statements Term Paper

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Government accounting is substantially different from other accounting formats, and at the same time the two methods are essentially alike. Accounting for any entity involves, on the most basic level, balancing expenditures and revenues. However, government accounting has one major departure from standard accounting statements: it mush be reconciled with a budget set up in advance by a governing body, like the city council, state legislature, or, in the federal realm, Congress. This difference does not, however, make the basic precepts of governmental accounting significantly different from other types of accounting.

A government accounting statement must track all cash flows, both expected and realized, for an entity that is comprised of possibly hundreds of relatively autonomous entities. Each of these smaller entities has separate budgets, accounts, and in many ways operates independently of the larger entity, such as the state or city. Despite this individuality, a comprehensive report on the status of the government budget -- a CAFR -- must be compiled and balanced to ensure that the government entity as a whole is operating within its prescribed budget and any discrepancies may be resolved.

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A very broad example of this is in Georgia's listing of Internal Service Funds. (Georgia CAFR 2004) Bear in mind that this is simply a listing of one category of funds encompassed by the state of Georgia; this one heading encompasses funds for administrative services for state agencies, building authority funds for maintenance and purchase of state property, risk management fund that manages worker's compensation, unemployment compensation, and various insurance policies held by the state, among others. (GA CAFR 2004, p.107-108) The state's general balance sheet lists fifteen separate funds in addition to the assets and expenditures for general government operation. (ibid., p. 24)

One complication in government accounting comes from trying to….....

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