Question

Based on the selected measurement focus and basis of accounting, governments may elect to account for...

Based on the selected measurement focus and basis of accounting, governments may elect to account for their landfill activities in either a governmental or an enterprise fund. Explain the differences that would result if one government elected to account for its landfill activities in its general fund and another government elected to account for its landfill activities in an enterprise fund. The measurement focus and basis of accounting should be included in your answer.

Homework Answers

Answer #1

A govt accounts for a municipal landfill in an enterprise fund.

If the govt accounts for the landfill in an enterprise fund, then it will base the reported EXP (and addition to the liab) on the proportion of the landfill used during the year. The reported exp would be the total amount that should have been recognized as an exp (added to the liab) up to the date of computation, less the amount that has actually been recognized so far.

For a landfill, suppose that it accounts for the landfill in a general fund

The reported expd would be only that portion of cost requiring the use of currently available financial resources. The balance of any cost would be reported as a liab on the govt-wide stmts, which are on full accrual basis, and the schedule of LT-obligations.

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