ch07 - Chapter 07 Accounting for the Business-type...

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Chapter 07 - Accounting for the Business-type Activities of State and Local Governments 7-1 CHAPTER 7: ACCOUNTING FOR THE BUSINESS-TYPE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS OUTLINE Number Topic Type/Task Status (re: 14/e) Questions: 7-1 Internal service and enterprise funds Explain Same 7-2 Use of internal service funds and enterprise funds Describe Same 7-3 Budgetary control of internal service funds Explain New 7-4 Reporting uncollectible accounts Compare New 7-5 Restricted assets of enterprise funds Describe Same 7-6 Interest capitalization requirements for enterprise funds Contrast Same 7-7 Cash flows in proprietary funds Contrast Same 7-8 Regulatory accounting Describe and Explain New 7-9 Operating and nonoperating revenues/expenses Explain Same 7-10 Segment information Define Same Cases: 7-1 Building maintenance fund Assess Same 7-2 Risk management internal service fund Explain and Analyze New 7-3 Mass transit system Evaluate Same Exercises/Problems: 7-1 Examine the CAFR Examine Same 7-2 Various Multiple Choice Revised 7-3 Central Duplicating Internal Service Fund JEs and FS Revised 7-4 Central Garage ISF – City of Ashville JEs and FS Same 7-5 Net asset classifications Journal Entries Same 7-6 City of Dalton Parking Facilities Fund Financial Statements Same 7-7 Town of Elizabeth Central Station Fund JEs, FS and Assess New 7-8 City of Bay Lake Water Utility Fund JEs and FS New 7-9 Von County proprietary funds statement of revenues, expenses and changes in fund net assets Analysis New 7-10 Proprietary fund statement of cash flows Classify New
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Chapter 07 - Accounting for the Business-type Activities of State and Local Governments 7-2 CHAPTER 7: ACCOUNTING FOR THE BUSINESS-TYPE ACTIVITIES OF STATE AND LOCAL GOVERNMENTS Answers to Questions 7-1. Internal service funds and enterprise funds are both proprietary funds and are presented as such in the funds financial statements. However, since the transactions of internal service funds primarily involve sales of goods or services to the General Fund and other funds that compose the governmental activities of a government, their financial balances are included in a single column of the proprietary fund financial statements. Those enterprise funds considered to be major funds are presented in separate columns of the proprietary fund financial statements, with non-major enterprise funds aggregated in an Other Enterprise Funds column. GASB requires that three proprietary fund financial statements be prepared: statement of revenues, expenses and changes in fund net assets; statement of net assets; and a statement of cash flows. Due to the nature of internal service funds, at the government-wide level the internal service funds balances are collapsed into the Government Activities column of the government-wide statements. Enterprise funds are considered business-type activities and are reported in the Business-type Activities column of the government-wide statements.
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