3FUND ACCOUNTING FUNDAMENTALS
- Definition of Fund and the Purpose of Fund Accounting
- A Synopsis of the Various Types of Funds Used by Governments for Accounting and Financial Reporting
- Governmental Funds
- Proprietary (Business-Type) Funds
- Internal Service Funds
- Fiduciary Funds
- Major Funds
- A Definition Of Basis Of Accounting and Measurement Focus
- Recognition and Measurement of Certain Fund Liabilities and Expenditures
- A Synopsis of Basis of Accounting and Measurement Focus Used by Each Type of Fund
To fully understand the accounting and financial reporting principles of state and local governments, financial statement preparers and auditors must be familiar with two key concepts: fund accounting and the basis of accounting and measurement focus used by funds. This chapter discusses the following information:
- A definition of fund and the purposes of fund accounting.
- A synopsis of the various types of funds used by governments for ...
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