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Essentials of Accounting for Governmental and Not-for-Profit Organizations - page 3 / 19

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8-3

Overview of entity-wide conversion process

Basic entries made during the year on a fund by fund basis.

Entity-wide statements are prepared at year end by

converting government type funds to the accrual basis including inclusion of depreciation, long-term assets and long-term liabilities,

Adding in the asset and liability balances from internal service funds along with any income earned through transactions with external parties,  

consolidating fund statements (other than fiduciary funds).

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