Canada Is a Federal System.Briefly Explain What This Means

question 8

Essay

Canada is a federal system.Briefly explain what this means.

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Definitions:

Enterprise Funds

Funds used by a government to account for operations financed and operated in a manner similar to private business enterprises, where the intent is that the costs of providing goods or services to the public on a continuing basis be financed or recovered primarily through user charges.

Capital Projects Funds

Governmental accounting funds used to account for financial resources that are allocated for the acquisition or construction of major capital assets by a government, except those financed by proprietary funds.

Debt Service Funds

Governmental funds used to account for the accumulation of resources for, and the payment of, long-term debt principal and interest.

Restricted

Refers to funds or assets that are earmarked for specific purposes and cannot be used for general expenditures.