Contrast the internal service funds and enterprise funds

Assignment Help Financial Accounting

Reference no: EM13749749

State and local governments use proprietary funds to account for particular government operated activities. Discuss answers to the following questions and justify your response:

Compare and contrast the Internal Service Funds and Enterprise Funds

Explain how each of the funds is used in governmental accounting and give an example.

Reference no: EM13749749

Questions Cloud

Produces and sells a single product : Gray Company produces and sells a single product. The information about their operation for the last month is given below. How many units did they sell during the last month ?

Inventory costing methods : Belden started the year with 3,400 units of inventory with a unit cost of $9. During the year, it bought 10,200 units at a cost of $10 per unit. A year-end count revealed 1,700 units on hand.

Explaining the proper accounting for the sale : As you learned in this week's reading, account receivables record bad debts or other promises to pay by debtors (Porter & Norton). To understand the accounting for the sale of investments and the generation of notes receivable,

Cash flows from operating activities section of statement : Ames Company reported 2012 net income of $151,820. During 2012, accounts receivable increased by $13,280 and accounts payable increased by $9,730. Depreciation expense was $46,760. Prepare the cash flows from operating activities section of the state..

Contrast the internal service funds and enterprise funds : State and local governments use proprietary funds to account for particular government operated activities. Discuss answers to the following questions and justify your response: Compare and contrast the Internal Service Funds and Enterprise Funds

What is price of the straight preferred stock : Barnes air conditioning inc. has two classes of preferred stock floating rate preferred stock and straight (normal) preferred stock. Both issues have a par value of $100. What is the rate of the floating rate preferred stock likely to be? Will the st..

GAAP standard for reporting changes in accounting principles : Please describe the various approaches required by current GAAP standards for reporting changes in accounting principles? Discuss how these approaches may be impacted by the adoption of new IFRS standards.

How to record the sale violate any accounting principle : Patterson Company is a large diversified business with a unit that sells commercial real estate. As a company, Patterson has been profitable in recent years with the exception of the real estate business, where economic conditions have resulted in we..

What are the individual products at the split-off point : Allocating joint costs and costs of byproducts allows managers to examine cost and profitability associated with each of the products they produce enabling them to establish goals related to product-mix. Your discussion topic this week focuses on joi..

User Account

All Pages