1. Proprietary fund financial statements:
Present financial information for enterprise funds and internal service funds.
The accrual basis of accounting and a focus on the flow of economic resources.
Enterprise funds provide goods or services
The Financial Accounting Standards Board (FASB) distinguishes governmental and notfor-profit business entities from business organizations by:
Receipts of significant amounts of resources from resource providers who do not
expect payment or
1. General revenues include:
Not directly linked to a function or program
Reported in a separate section at the bottom of the statement
Includes the following:
# All tax
# unrestricted grants & contributions
# unrestricted earnings from endow
1. For property taxes, GASB specifies that available means collected within the current
period or 60 days of year end.
2. Total payroll during 2017 was $23,000. Of that amount, $1,760 was withheld for
employees FICA tax liability, $2,910 for emp
1. True or false: If the requirements to use the modified approach to accounting for eligible
infrastructure assets are met, all expenditures incurred to preserve the assets should be
Under the modified approach, a government
1. State and local governments are able to raise large amounts of capital at relatively low
cost because of the: tax-exempt feature of the bonds issued.
2. The fund types that account for only short-term liabilities to be paid from fund assets