Question

In some local government financial reports you will find activities such as solid waste disposal and...

In some local government financial reports you will find activities such as solid waste disposal and sewage disposal accounted for as a part of the General Fund. In other reports apparently identical activities are accounted for as enterprise funds. When is a government required to establish an enterprise fund?

Homework Answers

Answer #1

Enterprise funds are created to deliver assisstance as rapidly as possible with enough flexibility to develop programs and use a variety of investment approaches to address specific conditions in each country. Whereas General funds is a pool of cash created from collection of taxes and can be used for various social causes. If problem of solid waste disposal or sewage disposal is quite intensive in a particular region or county an enterprise fund can be created for emergency assisstance

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment....
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2016 Basic Financial Report" under the Current Reports Heading on the right. QUESTION 1 Fiscal accountability can best be assessed by which of these financial statements? Statement of...
The Nizwa Municipality created some funds for the management of its activities, each one of the...
The Nizwa Municipality created some funds for the management of its activities, each one of the fund has a distinct fiscal and accounting entry, they are as follows: A capital project fund - earnings of bond issued to support the monetary need to construct a sports complex. A general fund - for common operating resources that are unrestricted. An internal service fund – This is a centralized motor vehicle maintenance and repairs service fund. The objective of this fund /unit...
In order to get a good rating, please explain how you arrived at each answer. Thank...
In order to get a good rating, please explain how you arrived at each answer. Thank you. EX. 9-2 Select the best answer. A city’s general fund has an outstanding payable to its electric utility, which is accounted for in an enterprise fund. The utility has a corresponding receivable from the general fund. In the city’s government-wide statement of net position, which would be correct? The payable and the corresponding receivable would be eliminated in the consolidation process and thus...
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment....
Find the 2016 Basic Financial Report for the City of Maumee before you begin this assignment. Go to www.maumee.org Click on the "City Departments" green button on the left side of the page. Select "Finance" from the list on the left and then “Annual Report” from the drop down box. Click on "2016 Basic Financial Report" under the Current Reports Heading on the right. QUESTION 1 Compare the total assets of the governmental activities and the total assets of the...
In 2005, the state legislature of Illinois added the Semi-Solid Waste AcceptanceRegulations(SSWARs) to its State-Wide Semi-Solid...
In 2005, the state legislature of Illinois added the Semi-Solid Waste AcceptanceRegulations(SSWARs) to its State-Wide Semi-Solid Waste Administration Act(SSSSWAA.) These new laws prohibited privately owned landfills in the state from accepting semi-solid waste (e.g., certain types of garbages and rubbishes, sludges, sanitation residues, semisolids, and industrial wastes, etc.) from any source outside the county in which the landfill was located unless expressly permitted by the county.Point Arbors Landfill, Inc., a privately owned business located in Grace County in Illinois, submitted...
Government activities may be less “profitable” than they appear. A city prepares its budget in a...
Government activities may be less “profitable” than they appear. A city prepares its budget in a traditional format, classifying expenditures by fund and object. In 2010, amid considerable controversy, the city authorized the sale of $20 million in bonds to finance construction of a new sports and special events arena. Critics charged that, contrary to the predictions of arena proponents, the arena could not be fiscally self-sustaining. Five years later, the arena was completed and began to be used. After...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...