Enterprise Funds - MCCC

Enterprise Funds

Chapter 10

Learning Objectives

Determine what activities should be reported using Enterprise Funds.

Understand the Proprietary Fund accounting principles.

Understand Proprietary Fund reporting for intergovernmental grant revenues and debt refundings.

Review typical Proprietary Fund transactions.

Understand the formats & classifications of Proprietary Fund financial statements.

Understand and be able to compute the three components of Proprietary Fund Net Assets.

Prepare the Proprietary Fund financial statements.

Transition Chapter

Leaving behind the new material:

Governmental Fund Accounting & Reporting

Moving to material that will look more familiar:

Proprietary Fund Accounting & Reporting

Common Characteristics & Principles

Accounting Equation Accounting Principles Financial Statements

Accounting Equation

Traditional Balance Sheet Equation

+ + Current

Assets

Capital Assets

Other Noncurrent

Assets

+ + Current

Liabilities

Long-Term Liabilities

Net Assets

OR

New Net Asset Equation

+ + Current

Assets

Capital Assets

Other Noncurrent

Assets

+ Current

Liabilities

Long-Term Liabilities

Net Assets

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