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I need an explanation for this Accounting question to help me study.
Continuous Problem – City of Monroe
to Accompany
Essentials of Accounting for Governmental
and Not-for-Profit Organizations:
Twelfth Edition
Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4).
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