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What kinds of operations are accounted for using a proprietary fund?

Types of Funds Proprietary funds account for business-like activities of the government, such as utilities. Proprietary funds are concerned with activities financed by self-generated revenues.

What are the classification of net assets of proprietary funds?

Within proprietary and fiduciary fund statements of net assets, net asset balances are classified into the following three components: Invested in capital assets, net of related debt represents the net amount invested in capital assets (original cost, net of accumulated depreciation, and capital-related debt).

What is the accounting treatment for proprietary funds?

Proprietary funds are presented using the economic resources measurement focus and the full accrual basis of accounting. They are reported the same way as in the government-wide financial statements. However, internal service funds should be reported as a fund type (aggregated) in a separate column.

Do proprietary funds use full accrual accounting?

Expenses incurred in proprietary funds are recognized using the accrual basis of accounting. Therefore, docHub differences exist between the recognition of expenditures in governmental funds and the recognition of expenses in proprietary funds.

What are the different types of proprietary funds?

There are two types of proprietary funds: internal service funds and enterprise funds. The basic difference between them derives from who the primary customer is.

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What is the difference between governmental and proprietary funds?

Governmental funds generally used to account for tax-supported (governmental) activities. Proprietary funds used to account for business-type activities (such as activities supported, at least in part, by fees or charges).

What is proprietary fund in balance sheet?

Proprietors funds include equity share capital, preference share capital, reserves, and surplus. Total assets refer to all company-owned assets, including fixed assets, current assets, investments, and other assets.

What reporting basis is used for proprietary funds?

Proprietary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Like proprietary fund financial statements, fiduciary fund financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting.

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