Proprietary Funds Flashcards
What are internal service funds established for?
To finance and account for services and supplies provided exclusively to other departments within a government unit
When are restricted grant revenues recognized in the internal service fund?
Revenues in the year monies are spent
What type of accounting is used for internal service funds?
Accrual accounting
How are budgetary and encumbrance accounts used for internal service funds?
No
What categories are used for net position or equity in proprietary funds?
Unrestricted, restricted, and net investment in capital assets
What are examples of enterprise funds?
Public utilities, public hospitals, and public universities
What method of accounting is used for enterprise funds?
Accrual accounting
Who governs municipal landfills accounting?
Accounting for Municipal Solid Waste Landfill Closure
