1. How many funds are used in state and local government accounting 2. What activities are...

1. How many funds are used in state and local government accounting
2. What activities are accounted for in each of the funds identified in question #2
3. For the funds listed in question #1, how are they grouped – what are the groups/categories?
4. For the groups identified in question #3, answer the following questions:
o What is the measurement focus
o What is the accounting equation
o What is the basis of accounting used

Expert Solution

1. The funds that used in state and local government accounting are ,

(a) Governmental funds

(b) Proprietary funds

(c ). Fiduciary funds

2. Activities are accounted :

Governmental funds:- Accounting for tax-supported activities completed by the federal government

Proprietary funds:- Business-like interactions, either within the government or outside.

Fiduciary funds: - The collection or receipt of the fund, and the management, accounting, investment, and disposition by the Government of cash or other assets in which non-federal individuals or entities have an ownership interest.

3. Groups/categories of the funds :

Governmental funds grouped as General Fund, Special Revenue Funds, Debit Service Fund, Capital Projects Fund, Permanent Fund.

Proprietary funds grouped as enterprise funds and internal service funds.

Fiduciary funds grouped as Agency funds, Investment trust fund, Pension, and employee benefit trust funds, Private-purpose trust funds.

ekkarill92 answered 2 years ago

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