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Oklahoma State Senate Financial Statements June 30, 2023 and 2022 (With Independent Auditors Report Thereon)OKLAHOMA STATE SENATE FINANCIAL STATEMENTS Table of Contents Page Independent Auditors Report
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Obtain the latest financial statements to determine the current fund balance.
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Record each change separately, including the amount, date, and reason for the change.
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Changes in fund balancegeneral refer to the adjustments made to the general fund balance of an organization, reflecting increases or decreases in assets, liabilities, revenues, and expenditures.
Nonprofit organizations, government agencies, and other entities that maintain a general fund balance are required to file changes in fund balancegeneral.
To fill out changes in fund balancegeneral, one must gather financial data, review transactions affecting the general fund, and make adjustments to reflect accurate fund balance changes.
The purpose of changes in fund balancegeneral is to provide transparency and accountability in financial reporting, showing stakeholders the fluctuations in the general fund balance over a specific period.
Information such as beginning fund balance, revenues, expenditures, transfers, and ending fund balance must be reported on changes in fund balancegeneral.
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