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Lecture Accounting for Governmental and Nonprofit Entities (16/e): Chapter 7 - Jacqueline L. Reck, Suzanne L. Lowensohn

Chapter 7 - Accounting for the business-type activities of state and local governments. This chapter 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. | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for the Business-type Activities of State and Local Governments C H A P T E R 7 2 Learning Objectives 7-1 Describe the characteristics of proprietary funds, including those unique to internal service and enterprise funds. 7-2 Distinguish between the purposes of internal service funds and enterprise funds. 7-3 Explain proprietary financial reporting requirements, including the differences between the reporting of internal service and enterprise funds in the government-wide and fund financial statements. 3 1 Learning Objectives 7-4 Describe accounting procedures and prepare journal entries and financial statements for an internal service fund. 7-5 Describe accounting procedures and prepare journal entries and financial statements for an enterprise fund. 7-6 Explain special topics in accounting for the business-type activities of state and local governments. 4 2 Proprietary Funds Proprietary Fund Financial Reporting Classified Statement of Net Position Statement of revenues, expenses, and changes in net fund position Proprietary Fund Financial Reporting Statement of cash flows Internal Service Funds Internal service funds are established to improve financial management of government resources. The ordinance or other legislative action that authorizes the establishment of an internal service fund should also specify the source or sources of financial resources to be used for fund operations. Examples include contributions, interfund loans, proceeds of tax-supported bond issues, or transfers from other governments that will use the services of the internal service fund. Internal Service Funds The financial objective of an internal service fund is to recover from operating revenues the full cost of operations . | Accounting for Governmental & Nonprofit Entities JACQUELINE L. RECK SUZANNE L. LOWENSOHN 17/e Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. 1 Accounting for the Business-type Activities of State and Local Governments C H A P T E R 7 2 Learning Objectives 7-1 Describe the characteristics of proprietary funds, including those unique to internal service and enterprise funds. 7-2 Distinguish between the purposes of internal service funds and enterprise funds. 7-3 Explain proprietary financial reporting requirements, including the differences between the reporting of internal service and enterprise funds in the government-wide and fund financial statements. 3 1 Learning Objectives 7-4 Describe accounting procedures and prepare journal entries and financial statements for an internal service fund. 7-5 Describe accounting procedures and prepare journal entries and financial statements .