In what way must a government account for premium revenue differently if it accounts for self-insurance in an internal service fund rather than in its general fund?
Answer to relevant QuestionsIn government-wide statements, enterprise funds are reported differently than are internal service funds. Explain why and justify.William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the ﬁrst month in which it was accounted for ...Believing that it is more economical to manage its risks internally, a county elects not to purchase commercial insurance. Instead, it sets aside resources for potential claims in an internal service ''self-insurance'' fund. ...In 2015, a city opens a municipal landﬁll, which it will account for in an enterprise fund. It estimates capacity to be 6 million cubic feet and usable life to be 20 years. To close the landﬁll, the municipality expects ...What is the distinction, as drawn by the GASB, between a ﬁduciary fund and a permanent fund?
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