Question: Distinguish between funds as the term is used in governmental
Distinguish between funds as the term is used in governmental as contrasted with business accounting.
Answer to relevant QuestionsIn what way, if any, does the accounting equation as applied in governmental and not-for-proﬁt accounting differ from that as applied in business accounting?The balance sheets of both enterprise funds and internal service funds report capital assets and long-term debt. What does that tell you about the funds’ measurement focus and basis of accounting? Explain.Distinguish among the three categories of restrictiveness into which the net assets of not-for-proﬁt organizations must be separated for purposes of external reporting. By whom must these restrictions be imposed for ...The Sherill Utility District was recently established. Its balance sheet, after one year, is presented below. Note the following additional information:• The general fund received all of its revenue, $150 million, from ...As the auditor of Clearwater County you learn that various assets are subject to spending constraints. Indicate how each of the following constraints would affect the county’s reported fund balance (i.e., in which category ...
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