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Is special revenue fund accrual or modified accrual?
Modified
Is the enterprise fund full accrual or modified accrual accounting?
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.
What is the Difference between internal service fund and enterprise fund?
Enterprise fund is a fee for service. Internal service fund is services from one department to another on a cost reimbursement basis.
What are some examples of an internal service fund?
An internal service fund is a fund used in governmental accounting to track goods or services shifted between departments on a cost reimbursement basis. An example of an internal service fund is a maintenance department that provides equipment maintenance services to other departments.
What accounting problem arises if an Internal service fund is operated at a significant loss?
If the internal service fund has positive operating income, expenditures reported in the general fund exceed the true cost of operating the government. If it is negative, the general fund understates the true cost of operating the government and net assets are effectively shifted from the internal service fund to the fund balance of the general fund.
What accounting problems arise if an internal service fund is operating at a loss?
If the internal service fund has positive operating income, expenditures reported in the general fund exceed the true cost of operating the government. If it is negative, the general fund understates the true cost of operating the government and net assets are effectively shifted from the internal service fund to the fund balance of the general fund.
What accounting problems arise if an internal service fund is operated at a significant profit?
Additional problems arise if the internal service fund has significant positive (or negative) operating income. Operating income is the excess of service revenues over the costs of providing the service (i.e., operating expenses). Consider the case of an internal service fund servicing police, fire, and other vehicles used in departments reported in the General Fund. If the internal service fund has positive operating income, the expenditures reported in the General Fund exceed the true cost of operating the government. If these amounts are significant over periods of time, some of the accumulated surplus (fund balance) of the General Fund is effectively shifted to the internal service fund (net assets).
What account would least likely be found in the general ledger of an internal service fund?
machinery and equipment
Where can you find solutions for college accounting 5th edition paradigm?
Caraway County has a Self-Insurance Internal Service Fund. If the fund purchases $100,000 of investments during the month, the
Where do you find the solution manual for governmental and not for profit accounting 5th edition?
Caraway County has a Self-Insurance Internal Service FunD. If the fund purchases $100,000 of investments during the month, the
When was Norwegian Public Service Pension Fund created?
Norwegian Public Service Pension Fund was created in 1917.
Sources of finance for business?
A Bussiness can mobilise fund from both internal and external
