Question: For internal purposes, governmental accounting records its individual activities within self-balancing sets of accounts known as funds. A-Governmental funds account for activities where service to

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

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