Question: The garbage collection and disposal services of a local government
The garbage collection and disposal services of a local government might be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Indicate the circumstances in which each of these fund types might be appropriate.
Answer to relevant QuestionsWhat is the accounting equation for a proprietary fund? What are the three components of net position? Explain the nature of each component.Virgie Township is retiring Enterprise Fund bonds before their maturity date. How does the difference between the amount paid to retire the debt and the carrying value of the debt affect interest expense reported in future ...Which net position classifications may be affected by deferred inflows of resources? By deferred outflows of resources?Explain or illustrate how the following items should be reported in an Enterprise Fund’s statement of revenues, expenses, and changes in fund net position:1. Depreciation on capital grant–financed capital assets.2. ...Explain how each of the following should be reported in the financial statements of an Enterprise Fund. If assumptions are necessary, state them clearly.1. Capital grant received in cash, but not earned, $500,0002. Capital ...
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