Modified
Agency funds are purely custodial in nature which is why the fund wouldn't have revenue or expenses. The fund balance sheets show only assets (such as cash and investment) and liabilities (which is the amounts owned to the beneficiaries). Assets always equal liabilities which is why there are no net assets
Capital is fund injection by stakeholder(s) in a business entity. It could be in the form of outright purchase of right into the business or through reinvestment of profit. Revenue is money generated by the business through sales of goods or service.
petty cash
The Reserve Fund was the first money market mutual fund
The purpose of taxes is to raise revenue to fund government. Money provided by taxation has been used by states and their functional equivalents throughout history to carry out many functions. It is operated by the government itself.
It's full accrual because it is considered part of the business type activities of a government. Something, such as the general fund, is considered modified because it is a budgetary tool and it would not consider future liabilities, only current.
The local governments usually have multiple Special Revenue Fund.
yes
general fund
The General Fund and Special Revenue Funds generally perform the same types of operating services. They are both governmental type funds and therefore use the same measurement focus and basis of accounting to account for and report on their activities. They differ in that the General fund accounts for revenues and other financing sources raised to provide for all day-to-day-operating activities, whereas Special Revenue Funds are used to account for a specific revenue source that must be used only to finance a specified activity
The General Fund and Special Revenue Funds generally perform the same types of operating services. They are both governmental type funds and therefore use the same measurement focus and basis of accounting to account for and report on their activities. They differ in that the General fund accounts for revenues and other financing sources raised to provide for all day-to-day-operating activities, whereas Special Revenue Funds are used to account for a specific revenue source that must be used only to finance a specified activity
Revenue Equalization Reserve Fund was created in 1956.
The general revenue fund (?)
It is the excess revenue income over revenue expenditure for an insurance company.
Magazines use advertising revenue to fund most of the publication costs.
private businesses
Agency funds are purely custodial in nature which is why the fund wouldn't have revenue or expenses. The fund balance sheets show only assets (such as cash and investment) and liabilities (which is the amounts owned to the beneficiaries). Assets always equal liabilities which is why there are no net assets