Accy 407 chapter 7 - Study guides, Class notes & Summaries

ACCY 407 Chapter 7, top Exam Questions and answers, 100% Accurate. VERIFIED. Accounting Characteristics of Proprietary Funds __________ basis of accounting - -Accural ___________ and _______________ recorded within the funds ____________ and _________ are recorded and reported - -Capital assets, long-term liabilities Depreciation expense, accumulated depreciation _______________rather than fixed budgets recommended: Generally budgetary accounts are not integrated into t...

ACCY 407- Chapter 7, Top Questions and answers, 100% Accurate. VERIFIED. What are the required financial statements for proprietary funds? - 1)Statement of *net position* (or balance sheet) 2)Statement of *revenues, expenses, and changes in fund net position* (operating statement) 3)Statement of *cash flows* (differs under GASB) What are three accounting characteristics of proprietary funds? - 1) * Accrual Basis* - * not* modified accrual -capital assets and long-term liabilities ...

ACCY 407 Chapter 7. Top Exam Questions and answers, 100% Accurate. RATED A+ Proprietary funds consist of user charges collected by the government. It aids the government in managing the resources efficiently. Internal service funds account for the internal financial transactions and the enterprise funds account for the external financial transactions. - -What are the characteristics of a proprietary fund? How do internal service funds and enterprise funds differ? The "Governmental accou...