An Internal Service Fund would report which of the following items on its balance sheet

Question

Quizplus · Accepted Answer

Internal Service Funds are used for providing goods and services primarily to other departments of the same government entity. Therefore, they are accounted for similarly to a business enterprise fund. Unrestricted net position represents the accumulated surplus or deficit of the enterprise fund and would be reported on the balance sheet of an Internal Service Fund. Restricted fund balance, assigned fund balance, and capital contributions are not typically reported on the balance sheet of an Internal Service Fund.

An Internal Service Fund Would Report Which of the Following