Question

In: Accounting

Why are budgeted revenues and expenditures formally recorded in the records of the general fund but...

  1. Why are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund?
  2. Distinguish proprietary funds from government funds

Solutions

Expert Solution

Distinguish proprietary funds from government funds

  • Governmental fund is the type of fund that accounts for all the activities of the government that are operated using the collected revenue, including the construction of roads and other government projects.
  • Proprietary funds are the funds used for the accountability of the activities involving the interactions of business outside or in the government. This fund is divided into internal service and enterprise funds. The statements of finance needed here are the differences in net fund position, expense and revenue statements, and the net position statement.

Governmental funds are classified as follows:

  • General funds: They perform major government operations, taking up all the resources that are not covered by other funds.
  • Special revenue funds: The funds are useful for the tracking of revenues that come from the sources, which perform a specific function.
  • Debt service funds: Useful for the repayment of debts that were issued for the financing of government projects.
  • Capital projects funds: They are used to construct major facilities and projects.
  • Permanent fund: They are used for the generation and disbursing of cash for the people who are entitled to receiving it.
  • General funds: They perform major government operations, taking up all the resources that are not covered by other funds.
  • Special revenue funds: The funds are useful for the tracking of revenues that come from the sources, which perform a specific function.
  • Debt service funds: Useful for the repayment of debts that were issued for the financing of government projects.
  • Capital projects funds: They are used to construct major facilities and projects.
  • Permanent fund: They are used for the generation and disbursing of cash for the people who are entitled to receiving it.
  • General funds: They perform major government operations, taking up all the resources that are not covered by other funds.
  • Special revenue funds: The funds are useful for the tracking of revenues that come from the sources, which perform a specific function.
  • Debt service funds: Useful for the repayment of debts that were issued for the financing of government projects.
  • Capital projects funds: They are used to construct major facilities and projects.
  • Permanent fund: They are used for the generation and disbursing of cash for the people who are entitled to receiving it.

ekkarill92 answered 1 year ago
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