Solution: In Exercises 712, write an equation for the linear function satisfying the

Government Accounting First Week Notes 1. Use of Funds A. Divided into entities B. Each fund has its own two operations Assets= liabilities + Net Assets +/- of resources 2. THREE types of accounts in government accounting A. Governmental- ANYTHING that is not run like a business and does not hold money in a “trust” like way (ex. Employee salaries, building highways) B. Proprietary- operates like a business and has some sort of fee for service model (ex. Medicare/Medicaid, public transportation) C. Fiduciary- money is being held for another entity (ex. Local sales tax is being held by the state, pensions) 3. Proprietary and Fiduciary use accrual basis of accounting