Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is classified as a proprietary fund in governmental accounting?

Enterprise Fund

Special Revenue Fund

General Fund

Permanent Fund

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Verified step by step guidance

Understand the classification of funds in governmental accounting. Governmental funds are divided into five categories: General Fund, Special Revenue Fund, Debt Service Fund, Capital Projects Fund, and Permanent Fund. Proprietary funds, on the other hand, include Enterprise Funds and Internal Service Funds.

Recognize that proprietary funds are used to account for activities that operate similarly to private businesses, where the intent is to recover costs primarily through user charges.

Analyze the options provided: Enterprise Fund, Special Revenue Fund, General Fund, and Permanent Fund. Note that Enterprise Funds are classified as proprietary funds because they are used for services provided to the public for a fee, such as utilities or public transportation.

Understand that Special Revenue Funds, General Funds, and Permanent Funds are classified under governmental funds, not proprietary funds. These funds are used for specific purposes, general operations, or permanent endowments, respectively.

Conclude that the correct classification of a proprietary fund in governmental accounting is the Enterprise Fund, as it aligns with the definition and purpose of proprietary funds.