Chapter 8 Section 5: Proprietary Funds Flashcards
What sort of things happen in the internal service fund?
Mostly “central” things ie. central motor pools
When are restricted grant revenues recognized?
When spent
When are operating revenues recognized?
When earned
Are encumbrances used in SE funds?
No - full accrual
What categories is net position classified in?
RUN to SE your net position
Restricted
Unrestricted
Net Investment in capital assets
Outline the statement of net position for internal service funds
Assets: current and noncurrent
Liabilities: current and noncurrent
Net Position (RUN)
What are examples of enterprise fund activities?
Public anything (private is NFP)
What is the order of presentation for line items on a proprietary fund statement of revenues, expenses, and changes in fund net position?
INCASET
Income (operating) Nonoperating income and expense Capital contributions and Additions to endowments Special items (unusual or infrequent) Extraordinary items Transfers
What governs municipal landfill accounting?
Accounting for Munipal Solid Waste Landfill Closure (MSWLF)
What is included in costs for landfills?
Equipment expected to be installed
Gas monitoring and collection system
Final cover (capping)
Outline the statement of net position for enterprise funds
Assets (current and noncurrent) Deferred Outflows Liabilities (current and noncurrent) Deferred Inflows Net position (RUN)
Outline the statement of revenues, expenses, and changes in fund net position for enterprise funds
Operating revenues Operating expenses Nonoperating revenues and expenses Income before contributions and transfers contributions transfers change in net position total net position - beginning total net position - ending
Outline the statement of cash flows for enterprise funds
Cash flows from operating Cash flows from noncapital financing Cash flows from capital financing Cash flows from investing Net increase in cash balance - beginning balance - ending reconciliation of op income to net cash provided
