Governmental Accounting--Ch. 11: Internal Service Funds

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Internal Service Funds

are established to finance, administer, and account for departments or agencies of a government whose exclusive or nearly exclusive purpose is to provide goods or services (e.g. printing services) to the government's other departments on a cost-reimbursement basis.

Economic Resources

the measurement focus for Internal Service Funds

Accrual

the basis of accounting for Internal Service Funds.

Pre-determined Rates

so much per mile, page, or order. Preferable because departments need to know charges at the time the work is done. Actual cost charges may result in inequitable allocations among departments.

Central Stores Fund

used to centralize purchasing and warehousing operations. It enhances economy, efficiency, and control and holds inventory until requested by departments. Billing is based on direct inventory cost plus overhead factor.

Self-Insurance Fund

state and local governments sometimes find insurance coverage for some types of risk to be overly expensive or unavailable. Partly, as a result, some governments "self-insure" part or all of their properties, potential liabilities for claims and judgments, and other risks. Often a government that self-insures part (or all) of its risks also centralizes its risk financing activities.

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