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GFOA CPFO Exam - Topic 7 Question 72 Discussion

Enterprise funds and internal service funds are the two types of ______________.
A) Debt Service Funds
B) Proprietary Funds
C) Permanent Funds
D) Capital project Funds

GFOA CPFO Exam - Topic 7 Question 72 Discussion

Actual exam question for GFOA's CPFO exam
Question #: 72
Topic #: 7
[All CPFO Questions]

Enterprise funds and internal service funds are the two types of ______________.

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Suggested Answer: A

by Chanel at Jul 26, 2023, 02:46 PM

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Lavera
10 months ago
I don't know, seems too simple.
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Marylou
10 months ago
Yup, Proprietary Funds for sure!
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Keva
11 months ago
Wait, are we sure about that? I thought there were more types.
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Lisbeth
11 months ago
Totally agree, it's definitely B.
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Xuan
11 months ago
They're both types of Proprietary Funds!
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Yen
11 months ago
I’m pretty confident that the answer is B, proprietary funds, since those are the ones that generate revenue.
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Clay
12 months ago
I feel like I might confuse these with capital project funds sometimes. I hope I remember the right definitions!
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Anissa
12 months ago
I remember practicing a question about different fund types, and I think proprietary funds was the right answer there too.
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Erick
12 months ago
I think enterprise funds and internal service funds are related to proprietary funds, but I'm not entirely sure.
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Sharika
12 months ago
This question seems straightforward - the key is to focus on the purpose of testing internal controls, which is to evaluate their operating effectiveness.
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Talia
12 months ago
Okay, let me think this through. I need to go to the Trust Center settings and select the option to disable all macros without notification. That should do the trick. I'll be careful to follow the steps exactly.
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Iesha
1 year ago
Hmm, I'm not sure. The question mentions that a function-based intervention was implemented, so I'm wondering if the staff might not have been properly trained on how to carry it out correctly.
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Van
1 year ago
This looks like a tricky question. I'll need to carefully read through the options and think about the benefits and challenges of having multiple storage repositories.
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Tamesha
1 year ago
I feel like the answer should be something more exciting, like 'Magical Funds' or 'Unicorn Funds'. But alas, B) Proprietary Funds is the boring-yet-correct response.
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Chana
1 year ago
At least we can pretend they're magical funds in our imagination!
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Kaitlyn
1 year ago
Yeah, but I guess we have to stick with the boring options like Proprietary Funds.
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Malcolm
1 year ago
I know what you mean, 'Magical Funds' would definitely make accounting more interesting.
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Stefan
1 year ago
B) Proprietary Funds, easy peasy. Now, if only the rest of the exam was this straightforward...
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Quinn
1 year ago
Yeah, I agree. Capital project funds can be confusing too.
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Karol
1 year ago
Debt Service Funds are a bit trickier to understand.
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Malcolm
1 year ago
I wish the rest of the exam was as easy as this question.
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Celestine
1 year ago
I know right, proprietary funds are pretty straightforward.
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Suzi
1 year ago
Yeah, I'm glad we got this question right. Let's keep it up for the rest of the exam.
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Hyun
1 year ago
Debt Service Funds and Proprietary Funds are the two types of funds mentioned.
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Ernie
1 year ago
I wish the rest of the exam was as easy as this question.
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Nikita
1 year ago
I know right, proprietary funds are pretty straightforward.
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Billye
1 year ago
Hmm, I was torn between B) Proprietary Funds and C) Permanent Funds, but B) is the right choice. Gotta love those tricky governmental accounting questions!
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Ettie
1 year ago
I was a bit unsure, but B) Proprietary Funds is the correct answer. It's an important distinction to remember for the exam.
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Antione
1 year ago
Yes, that's correct. It's important to differentiate between the two types for the exam.
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Nathan
1 year ago
I think it's B) Proprietary Funds too.
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Leila
1 year ago
Definitely B) Proprietary Funds. Internal service funds and enterprise funds are the two main types of proprietary funds in governmental accounting.
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Leah
1 year ago
Actually, enterprise funds and internal service funds are considered Proprietary Funds because they are used to account for activities that operate like businesses.
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Romana
1 year ago
I think it's Debt Service Funds.
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Leah
1 year ago
Enterprise funds and internal service funds are the two types of Proprietary Funds.
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