What is the purpose of an internal service fund? What advantages and disadvantages do you have? What is considered compatible with for-profit companies in terms of financial information?
note: Could you please don't use your handwriting to answer this question to be easy for me to solve
Internal Service Fund
Internal service fund is a fund created in governmental accounting to track activities that provide goods and services from one department to other government department on cost reimbursement basis. For example maintenance department provide services to other department for maintenance of the equipment. Thus internal service fund is created for maintenance department.
The purpose of internal service fund is to track all the activities related to transfer of goods or services from one department to another on a cost reimbursement basis.
Advantages of Internal Service Fund
1. It allow more efficient use of resources, as it is easy to track the demand of the users and based on that increase or decrease the resources.
2. It allow full cost accounting of providing particular service to internal departments.
3. It allow the users to compare the cost of buying goods or service from internal department or from private sector.
Disadvantages of Internal Service Fund
1. Internal service fund is complicated to understand. It is more complicated than appropriated budgetary resources.
2. Internal service fund is not connected to the customer. As the customer agencies cannot manage Internal service fund operations, it can be said customers are disconnected.
3. Sometimes customer agencies are required to take services from Internal service fund only, thus Internal service fund is not competitive in nature.
In term of financial information, internal service fund use the same accounting procedure as used for-profit entities. Revenue and expenses are closed at year end with excess of Net billing to department over cost or Excess of cost over net billing to departments.The difference is in the terminology used otherwise the fund financial reporting is same as for-profit entities.
What is the purpose of an internal service fund? What advantages and disadvantages do you have?...
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