There are three groups of funds for which financial statements are prepared-governmental, proprietary, and fiduciary. Proprietary funds are employed to report on activities financed primarily by revenues generated by the activities themselves, such as a municipal utility. Fiduciary funds contain resources held by a government but belonging to individuals or entities other than the government. A prime example is a trust fund for a public employee pension plan. Governmental funds account for everything else. ![]() This is where the bread-and-butter services can be found-police, fire, social services, sanitation, and so on. ![]() Extraordinary items accounting section series#.
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