1. (Transaction Analysis)
Example: Cash received for licenses during 20X1, $8,000.
Answer: Governmental Funds. General Capital Assets and General Long-Term Liabilities Accounts
No.Fund
FA
–
RL
=
FB
GCA
–
GLTL
=
NP
GF = General fund
Revenues of $8,000 reported in GF.
Proprietary Funds
Fund
CA
+
NCA
–
CL
–
LTL
=
NP
EF
EF = Enterprise fund
2. The principal financial statements of business enterprises are the balance sheet, income statement, and statement of cash flows. What similarities and differences are there between these statements and the operating and position statements of a proprietary fund? A governmental fund?
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