Proprietary and fiduciary Funds

Question 1

What are types of proprietary fund revenues ?

Answer 1

A) Grants : granted from other government - earned only when expended as per grant restriction
B) Operations revenues : fees applied on services rendered by the fund like Park tickets , Museum tickets , car parking tickets
C) Non operational revenues

Question 2

What are expenses types of proprietary funds ?

Answer 2

since its running like normal business
A) operational expenses : Like normal corporate operational expenses
B) Non operational expenses : like interest expenses

Question 3

what is a proprietary internal service fund ?

Answer 3

Its a fund that is running governmental resources or capital assets to provide service for other funds and it uses full accrual accounting.

Question 4

How do a proprietary fund report special and extra ordinary items ?

Answer 4

to be reported after non operating expenses in the income statement .