Sundry accounting topics - Compensated absence accruals
3 important questions on Sundry accounting topics - Compensated absence accruals
What are proprietary funds used for in governmental accounting?
A proprietary fund is used in governmental accounting to account for activities that involve business-like interactions, either within the government or outside of it.
All this time you thought that assets were stuff that you owned! What are assets?
“Assets are probable future economic benefits obtained or con- trolled by a particular entity as a result of past transactions or events.”
The book balances are similar to what individuals keep as balances in their own checkbooks, that is, checks that have been written and deducted from the balance but that have not yet cleared the bank. Cash is a fairly obvious asset. What does it represent?
It represents the balances in the government’s bank accounts.
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