State and Local Government — Purpose of Funds
Free CPA FAR (Financial Accounting & Reporting) lesson in Financial Reporting. 27 min read, ~4,011 words.
11 fund types in 3 categories: 5 governmental + 2 proprietary + 4 fiduciary. Governmental funds (General, Special Revenue, Capital Projects, Debt Service, Permanent) account for tax-supported services. Proprietary funds (Enterprise, Internal Service) account for fee-charging activities; Enterprise serves outsiders, Internal Service serves other departments. Fiduciary funds (Pension, Investment Trust...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- I.C2
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