Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 2Q
Explain the reporting requirements for internal service funds and enterprise funds. Internal service funds and enterprise funds are both proprietary funds, so why do their reporting requirements differ?
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Students have asked these similar questions
Which of the following funds are classified as proprietary funds?
Group of answer choices
a.) Agency and special revenue funds.
b.) Agency and pension trust funds.
c.) Enterprise and internal service funds.
What is the difference between an enterprise fund and an internal service fund?
Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?
Chapter 7 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11CCh. 7 - Prob. 12CCh. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 16.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 16.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Prob. 16.6EPCh. 7 - Prob. 16.7EPCh. 7 - Prob. 16.8EPCh. 7 - Prob. 16.9EPCh. 7 - Prob. 16.10EPCh. 7 - Prob. 17EPCh. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Prob. 20EPCh. 7 - Prob. 21EPCh. 7 - Prob. 22EPCh. 7 - Prob. 23EPCh. 7 - Prob. 24EP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Is there a connection between regulatory accounting and enterprise fund accounting?arrow_forwardWhich of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestrictedarrow_forwardWhich fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?arrow_forward
- Explain the differences between Restricted investment account (RIA) and Unrestricted investment account (URIA) funds.arrow_forwardWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forwardAccounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.arrow_forward
- Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?arrow_forwardWhat are types of activities are reported in Custodial Funds?arrow_forwardDifferentiate Fund Theory-Based Financial Statements from Fund Accounting-Based Financial Statements based on the U.S. GAAP Statement of Financial Accounting Standards (SFAS). Define Unrestricted Contributions based on the U.S. GAAP SFAS.arrow_forward
- State the key characteristics of active fund management and passive fund management, focusing on how the objectives of active management differ from those of passively managed funds.arrow_forwardExplain a typical ADI’s sources and uses of funds.arrow_forwardWhich of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net positionarrow_forward
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