Accounting and Reporting Principles Essay Example | Topics and Well Written Essays - 750 words

Accounting and Reporting Principles - Essay Example In the same audit, the revenues should as well be traced so they can give opinions as to whether all cash received as taxes or government revenues are properly recorded and remitted to the town’s treasury. The journal entries below record the issuance by the town of a three-year note to purchase police vehicles. The journal entries recorded in the general journals of the General Fund differ from those recorded in the general journals for governmental activities at the government-wide level. The General Fund general journal reflects the creation of temporary accounts – namely, Other Financing Sources-Proceeds of Three-Year Note and Expenditures-Capital Outlay – upon the issuance of notes and the purchase of the vehicles. On the other hand, the government-wide level general journal reflects the recording of assets and liabilities, namely the Transportation Equipment and the Notes Payable. This is because the accounting books of the General Fund are mostly concerned only with the inflow and outflow of the current financial resources of the town. Meanwhile, the books for the government-wide entity should show all transactions affecting the net assets of the town; thus, the specific accounts such as Transportation Equipment, Notes Payable, then subsequently, the Depreciation Expense and Interest Expense are used. General Ledger Debit Credit General Fund: Cash 120,000 Other Financing Sources-Proceeds of Three-Year Note 120,000 To record the issuance of the 3-year note. Expenditures - Capital Outlay 120,000 Cash 120,000 To record the purchase of 4 police vehicles. Governmental Activities, Government-wide: Cash 120,000 Notes Payable 120,000 To record the issuance of the 3-year note. Transportation Equipment 120,000 Cash 120,000 To record the purchase of 4 police vehicles. Works Cited Accounting for Government and Nonprofit Entities (as

Global Organizations and Nation States Essay Example | Topics and Well Written Essays - 1000 words

Global Organizations and Nation States - Essay Example This essay explores the main part of the neoliberal economic ideology, which forces these countries to follow free-market policies, reduce government intervention, privatization and decreasing the size of the public sector, liberalization, reducing trade barriers, elimination of subsidies, reduced protection of the domestic industries, currency devaluation, and others. Despite the fact that these policies have appeared to be working for many developed countries, evidence shows that it has been disastrous for the poor and third world countries, which actually seek a loan from IMF and World Bank. Critics of these international organizations believe that these organizations are actually Washington controlled and headed by the developed countries of the world. Important here to note is that the United States and other European countries ran out of their resources decades ago. Furthermore, their domestic markets are past the point of saturation and low population growth rates mean that th eir dream for aggressive growth cannot be fulfilled. The only possible way in which they could sustain or even continue their growth is by trying to exploit the resources of the third world countries, which are rich in natural resources but do not have the tools and the expertise to make use of them. International organizations such as International Monetary Fund, World Bank, and World Trade Organization was the clear answer. These organizations, headed and controlled by a few developed countries, allow them to force the third world and underdeveloped countries of the world to open their markets, deprotect their industries, and reduce the government intervention. Important here to note is that in case of a majority of the African and South Asian countries, these policies have never worked.