(Preparation of Closing Entries and Fund Level Financial Statements)

question 12

Essay

(Preparation of closing entries and fund level financial statements)
Following is a trial balance of City of Peachville's General Fund at December 31,2013.Prepare: (a)closing entries; (b)a post-closing trial balance; (c)a statement of revenues,expenditures,and changes in fund balance for the year ended December 31,2013;and (d)a balance sheet at December 31,2013.

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Definitions:

ACA Code

The ACA Code refers to the American Counseling Association's Code of Ethics, which provides guidelines for the ethical behavior of counseling professionals.

Ethical Dilemmas

Situations in which a difficult choice has to be made between two or more options, often involving a moral conflict.

Legal Responsibilities

Obligations that are enforced by law, including those pertaining to conduct, actions, and standards within a society or profession.

Norm Group

refers to a reference group used in psychological testing or research to establish norms or standards for comparing individual test scores.