[calicpa]

What is meant by shared revenues?

Shared revenues received by an Enterprise Fund of a local government for operating purposes should be recorded as:

A. Operating Revenues.

B. Nonoperating Revenues.

C. Other Financing Sources.

D. Interfund Transfers.

Correct!

An Enterprise Fund is a type of Proprietary Fund.

Shared Revenues received by a Proprietary Fund for operating purposes should be recorded as Non-Operating Revenues in the period in which they are earned and become measurable.

BEC - 84, 4/6/13
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FAR - 83, 10/3/13

Ethics - 90% 4/24/13

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