Governmental accounting problem – Project Fund part 1 covering the project fund transactions and journal entries. Governmental accounting problem includes a trail balance listing the governmental chart of accounts. We will post both budgetary accounts and activity to the project fund. Once recorded we will create project fund financial statements from the trail balance. Governmental accounting has many differences from financial accounting but the balancing concept is the same. Governmental accounting will often use a modified accrual method, in part, because the objectives of governmental accounting are different.

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