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Lecture Accounting for governmental and nonprofit entities (16/e): Chapter 7 - Reck, Lowensohn, Wilson

Chapter 7 - Accounting for the business-type activities of state and local governments. After studying Chapter 7, you should be able to: Describe the characteristics of proprietary funds, including those unique to internal service and enterprise funds, distinguish between the purposes of internal service funds and enterprise funds, explain the financial reporting requirements, including the differences between the reporting of internal service and enterprise funds in the government-wide and fund financial statements. | Chapter 7 Accounting for the Business-type Activities of State and Local Governments Learning Objectives After studying Chapter 7, you should be able to: Describe the characteristics of proprietary funds, including those unique to internal service and enterprise funds Distinguish between the purposes of internal service funds and enterprise funds Explain the financial reporting requirements, including the differences between the reporting of internal service and enterprise funds in the government-wide and fund financial statements 1 Learning Objectives (Cont’d) Describe accounting procedures and prepare journal entries and financial statements for an internal service fund Describe accounting procedures and prepare journal entries and financial statements for an enterprise fund Explain special topics in accounting for the business-type activities of state and local governments 2 Reasons for use Enhances management of activities in which goods or services are provided on a | Chapter 7 Accounting for the Business-type Activities of State and Local Governments Learning Objectives After studying Chapter 7, you should be able to: Describe the characteristics of proprietary funds, including those unique to internal service and enterprise funds Distinguish between the purposes of internal service funds and enterprise funds Explain the financial reporting requirements, including the differences between the reporting of internal service and enterprise funds in the government-wide and fund financial statements 1 Learning Objectives (Cont’d) Describe accounting procedures and prepare journal entries and financial statements for an internal service fund Describe accounting procedures and prepare journal entries and financial statements for an enterprise fund Explain special topics in accounting for the business-type activities of state and local governments 2 Reasons for use Enhances management of activities in which goods or services are provided on a cost-reimbursement basis to departments of the same government or to the general public on a user charge basis To compare benefits and costs of the business-type activities of a government Proprietary Funds 3 (Assets + Deferred Outflows) – (Liabilities + Deferred Inflows) = Net Position Proprietary Funds Accounting Equation Unrestricted Restricted (e.g., for payment of debt service) Net Investment in Capital Assets 3 Use accrual basis Capital assets and long-term liabilities recorded within the funds Flexible rather than fixed budgets recommended; generally budgetary accounts are not integrated into the general ledger Depreciation expense and accumulated depreciation are recorded and reported For accounting guidance look to accounting procedures used by similar type private enterprises Proprietary Funds— Accounting Characteristics 3 Proprietary Funds— Required Financial Statements Similar to those of a for-profit entity: Statement of net position (or balance sheet) .