Gov Accounting- Proprietary Funds

Question 1

What are the key aspects of proprietary funds?

Answer 1

SPACE 
SE 
(PAPI) 
Accrual accounting 
carry fixed assets and long-term debt 
economic resource focus

Question 2

When is revenue recognized for proprietary funds?

Answer 2

When earned and measurable

Question 3

What are the fund financial statements

Answer 3

1. Statement of net position
2. statement of revenues, expenses, and changes in net assets
3. statement of cash flow

Question 4

What are the two accounts under proprietary funds

Answer 4

S- Service Fund

E- Enterprise Fund

Question 5

What is the internal service fund

Answer 5

Serves the needs of other government units

Question 6

What is the enterprise fund

Answer 6

Provides goods and services to external users

e.g., post office