Describe the difference between accounting for governmental funds and proprietary funds.
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Describe the difference between accounting for governmental funds and proprietary funds.
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- Explain the modified accrual basis of accounting. Why is it used for governmental fund financial statements?Explain the modified accrual foundation for accounting. In the context of governmental funds, why does it appear in the financial reports?Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?
- The modified accrual foundation of accounting is used by which fund category? Under the modified accrual basis of accounting, what are the revenue and expenditures recognition rules?The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsWhich fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?
- Explain the modified accrual accounting method. Why is it utilized in financial statements for government funds?Accounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?