Under which of the following circumstances must governments use an enterprise fund?
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Chapter 6: Account Classification Descriptions — Fund ClassificationsA fund is a separate fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, or changes therein. Current fund classifications are presented below. Each classification is presented by a code number followed by a description. Show
Governmental Fund Types
Proprietary Fund Types
Fiduciary Fund Types
Top Under what circumstances is an enterprise fund required to be used?Enterprise Funds.
These funds account for any activity for which a fee is charged to external users for goods or services.
What are enterprise funds used for quizlet?An enterprise fund should be used when a legal requirement exists that the cost of providing services are to be recovered through fees or charges. Proprietary Funds use the accrual basis of accounting. Enterprise funds are reported in the fund-basis statements only.
What are the purposes of enterprise funds and internal service funds?The basic difference between them derives from who the primary customer is. Enterprise funds provide goods and services to customers outside the reporting entity; internal service funds provide goods and services to internal customers.
What is an enterprise fund?An enterprise fund is a separate accounting and financial reporting mechanism for which revenues and expenditures are segregated in a fund with financial statement separate from all other governmental activities.
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