Expendable funds are most common and are associated most oftenwith the spending of resources for a specific purpose. Proprietaryfunds are similar to a for-profit entity (i.e. water utility).Finally, the fiduciary fund is often associated with a trust fund(i.e. pension).
All three fund classifications are normally found ingovernmental reporting. There are two levels of governmentalreporting; fund level and government-wide. The government-wideincorporates all of the individual funds as well as otheraccounting required at the total government reporting level.Reconciliation is provided from the fund to government wide levelof reporting.
QUESTION 1: Identify one fund that isexpendable, one fund that is proprietary and one fund that isfiduciary in the MN State Comprehensive Annual Financial Report(CAFR). Go to (www.finance.state.mn.us).
Question 2: What is the logic for making theencumbrance accounting entry in fund accounting?
QUESTION 3: Identify 3 significant reconcilingitems from the fund level of reporting to the government-wide levelof reporting in the MN CAFR.
Expendable funds are most common and are associated most oftenwith the spending of resources for a specific purpose. Proprietaryfunds are similar to a for-profit entity (i.e. water utility).Finally, the fiduciary fund is often associated with a trust fund(i.e. pension).
All three fund classifications are normally found ingovernmental reporting. There are two levels of governmentalreporting; fund level and government-wide. The government-wideincorporates all of the individual funds as well as otheraccounting required at the total government reporting level.Reconciliation is provided from the fund to government wide levelof reporting.
QUESTION 1: Identify one fund that isexpendable, one fund that is proprietary and one fund that isfiduciary in the MN State Comprehensive Annual Financial Report(CAFR). Go to (www.finance.state.mn.us).
Question 2: What is the logic for making theencumbrance accounting entry in fund accounting?
QUESTION 3: Identify 3 significant reconcilingitems from the fund level of reporting to the government-wide levelof reporting in the MN CAFR.
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