ACC 460 Week 5 Team Assignment Ch. 9,11

May 1st, 2015
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ACC 460 Week 5 Team Assignment Ch. 9,11

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Week 5 Team AssignmentCh. 91. Enterprise funds are similar to business activities. Under the statements, Enterprise funds are for college and university, and unemployment compensation. On the Proprietary funds there is a loan category. These are the major enterprise funds, the nonmajor enterprise fund are also here. The Internal Service fund activities are licenses, permits, and fees, and sale of goods and services for college and university fund. This is revenue and expenses for the fund. Internal service fund shows benefits, awards, and premiums along with other expenses. Other expense is not broken down. Nonoperating revenue for internal service fund investment income and a gain on sale of capital asset.2. On the statement of net assets the activities of Internal Service funds are assets and liabilities. For the statement of net assets the reporting of internal service funds are part of the government activities and thus shows no breakdown. On the proprietary fund statement on page 27 in Idahos Comprehensive Annual Financial Report, Internal Service Funds are under a column labeled for it and displays details of the assets and liabilities. 3. On the Statement of Revenue, Expenses, and Changes in Fund Net Assets on page 29 of Idahos Comprehensive Annual Financial Report there is a deficit on the operating section of 27,186. When using the nonoperating revenues this lowers to 25,577. The balance from the year before covers this and leaves a surplus of 114,129.

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