Which of the following funds use business accounting?

Question

Quizplus · Accepted Answer

Both Internal Service Fund and Enterprise Fund use business accounting. The Internal Service Fund provides goods and services to other departments within the same government entity and is accounted for like a business. The Enterprise Fund is used for activities that are primarily financed by user fees and charges, such as public transportation or parking services, and is also accounted for like a business. The General Fund, on the other hand, uses governmental accounting and is used for general operating and maintenance expenses of the government entity.

Which of the Following Funds Use Business Accounting