ACCT 567 Accounting Similarities

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ACCT 567 Accounting Similarities 
How would you compare the accounting for enterprise funds with that of (a) businesses and…

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ACCT 567 Accounting Similarities

ACCT 567 Accounting Similarities

Discussions Week 4 All Students Posts 52 Pages

How would you compare the accounting for enterprise funds with that of (a) businesses and (b) governmental funds?  The opening question asks us to compare the accounting for enterprise funds with the accounting for business organizations. One of the differences relates to the fact that a business has owner’s equity and a government entity does not. Let’s begin by identifying the accounts in a proprietary fund that would relate to the equity in a business. How does this section of the statement of net assets differ from the equity section of a business balance sheet?…