For internal purposes, governmental accounting records its individual activities within self-balancing sets of accounts known as funds.

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A- Governmental funds account for activities where service to the public is the main emphasis.

B- Proprietary funds account for activities of the government where a user charge is assessed.

C- Fiduciary funds account for assets held in a trustee capacity for external parties.

Discuss the components of each of the above funds in greater detail. Use supporting sources to validate your response.

Related Book For answer-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

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Posted Date: Jun 26, 2019 01:38 AM

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For internal purposes, governmental accounting records its individual activities within self-balancing sets of accounts known as funds.

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Expert Answer:

Governmental funds These funds are maintained by state and local governments The governmental funds are categorized as general fund special revenue fu... View the full answer

Government and Not for Profit Accounting Concepts and Practices

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