Briefly discuss the various types of governmental funds and proprietary funds.
What will be an ideal response?
Five types of governmental funds are used to provide basic governmental services to the public. These are: (1) general fund, (2) special revenue funds, (3) capital projects funds, (4) debt service funds, and (5) permanent funds. The number of governmental funds maintained by the governmental entity is based on its legal and operating requirements. The five governmental funds use the current financial resources measurement focus.
The two types of proprietary funds typically used by governmental entities are (6) enterprise funds and (7) internal service funds. Some activities of a governmental unit are similar to those of commercial enterprises. The objective of the governmental unit is to recover its costs in such operations through a system of user charges. Accounting and reporting for a proprietary fund are similar to accounting for a commercial operation.
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Explain the differences between battery and assault.
What will be an ideal response?
Which of the following procedures would be included in the auditor's audit program for long-term debt?
a. Investigation of credits to the bond interest income account. b. Inspection of the accounts payable master file. c. Verification of the existence of the bondholders. d. Review debt loan agreements.
According to the communication model, ________ is the process of translating an idea into a form of communication that will convey the desired meaning
A) sourcing B) messaging C) encoding D) signifying E) sending
Each of the following statements is justified by a concept or convention of accounting. Write the letter in the blank next to each statement corresponding to the concept or convention involved. a. Consistency d. Full disclosure b. Materiality e. Cost-benefit c. Conservatism _____ 1. This convention best enhances comparability of financial statements between years. _____ 2. A merger agreed on just
after the balance sheet date nevertheless is reported in the notes to the financial statements. _____ 3. A company forgoes hiring another full-time accountant, which would add only slightly to the financial statements' accuracy. _____ 4. A company uses lower-of-cost-or-market to value inventory. _____ 5. A large company rounds its financial statement figures to the nearest $10,000. Fill in the blank(s) with correct word