1. Explain what types of liabilities are classified as general long-term liabilities.
2. Describe the reasons for statutory debt limits and explain the terms debt margin and overlapping debt.
3. Explain the purpose and types of debt service fund.
4. Identify funding sources for debt service fund (direct tax revenue, transfer in from other funds..).
5. Distinguish between the purposes of internal service funds (mostly internal departments) and enterprise funds (mostly external customers). List examples for each fund.
6. Explain proprietary financial reporting requirements (accrual basis and economic resources), including the differences between the reporting of internal service (mostly included in governmental activities) and enterprise funds (as business type activities) in the government-wide and fund financial statements.
7. Describe accounting procedures and prepare journal entries and financial statements for an enterprise fund, including the closing entry.