Question
Please answer the following regarding Governmental and Non-Profit Accounting: a. A member of the city commission insists that the citys internal service fund prepare and
Please answer the following regarding Governmental and Non-Profit Accounting:
a. A member of the city commission insists that the citys internal service fund prepare and submit a budget for commission approval. The commissioner argues that it is only through the budget that the commissioners will be able to ensure control over the internal service fund. Do you agree or disagree with the commissioners argument? Explain your answer.
b. Although proprietary funds are often compared to for-profit businesses, there are several differences between accounting for proprietary funds and accounting for a for-profit organization. Identify and discuss several differences for each of the fund financial statements.
c. What are the three components of net position provided by GASB? Describe how a government assigns amounts to the classification?
d. What is the accounting treatment if an internal service fund recovers more or less than the costs incurred by the fund?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started