Question: Enterprise funds are also reported differently than are internal service funds in the proprietary fund statements of net position, and in the statements of revenues,

Enterprise 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.

Step by Step Solution

★★★★★

3.36 Rating (180 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

In the proprietary fund statements of net assets and revenues expen... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

320-B-A-G-F-A (3147).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

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...

Internal Service Funds are required to be reported by fund type in the basic financial statements. Discuss the significance of this requirement. Compare and contrast the financial reporting required...

Internal Service Fund net position is sometimes increased over time as a result of charges for services being established at a level that exceeds the costs of providing the services. Why does this...

Enterprise 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...

True / False Statements The budgetary comparison schedule in the governmentwide financial statements for the period requires only the final budget and the actual amounts. The accrual basis of...

1. The budgetary comparison schedule in the government-wide financial statements for the period requires only the final budget and the actual amounts. 2. The accrual basis of accounting is used in...

1. The budgetary comparison schedule in the government-wide financial statements requires only the final budget for the period and the actual amounts for the period. 2. The accrual basis of...

Need to reply for below discussion with the suggestion :- An internal service fund is a proprietary fund that is used to help improve financial management. It is used for accounting costs and...

814.The fund-basis financial statements of the City of Cottonwood have been completed for the year 2020 and appear in the first tab of the Excel spreadsheet provided with this exercise. In addition,...

can someone help me with this govermental review question? FINANCIAL ACCOUNTING AND REPORTING Government Review Question ACCT-412 all Question #2 consists of 10 items. Determine the best answer for...

If the probability density of X is given by Where k is an appropriate constant, find the probability density of the random variable Y = 2X / 1+ 2X . Identify the distribution of Y, and thus determine...

During registration at Tech every quarter, students in the Department of Management must have their courses approved by the departmental advisor, It takes the advisor an averate of 4 minutes...

Tasty Drinks Limited uses the weighted average cost method in its process costing system. During March, the mixing department completed its processing of 2 5 , 0 0 0 units and transferred them to the...

1. What are some strategic considerations in establishing a pay structure at Nutriment?

The following is from the governmental funds balance sheet section of the Town of Libertyville's Comprehensive Annual Financial Report. 1. What is the most likely reason that there are no unassigned...

The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed). Fund Types The transactions of the authority...

At the start of its fiscal year on October 1, Fox County reported the following (all dollar amounts in thousands): Fund balance: Committed for encumbrances............$200...

Question 26 (7 points) a) Allied Contracting Inc. is considering the purchase of a new dump truck for $75,000. If the vehicle can be depreciated for tax purposes at 40%, what is the undepreciated...

Calculating Returns and Standard deviations Based on the following information, calculate the expected return and standard deviation for two stocks. Rate of Return if State Occurs State of Economy...

You have been asked to evaluate returns from your commercial real estate investment fund (Bluestone Fund) against an industry benchmark index to determine how successful your active investment...