In government-wide statements, enterprise funds are reported differently than are internal service funds. Explain why and justify.
Answer to relevant QuestionsEnterprise funds are also reported differently than are internal service funds in the proprietary fund statements of net position, and in the statements of revenues, expenses, and changes in net position. Explain why.The Louisville City bus system engaged in the following transactions:1. It issued $10,000,000 in 8 percent revenue bonds. It used the proceeds to acquire new buses. The bonds were issued at par.2. Consistent with a bond ...A school district establishes a vehicle repair shop that provides service to other departments, all of which are accounted for in its general fund. During its ﬁrst year of operations the shop engages in the following ...In Year 1, as a result of routine testing, a city discovers that local wells are polluted. Investigation reveals that the source of the contamination is an abandoned waste dump ...How is a private purpose trust fund different from a permanent fund?
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