Sundry accounting topics - Landfill closure and postclosure care costs
6 important questions on Sundry accounting topics - Landfill closure and postclosure care costs
A governmental college may be owed tuition and fees from students that are past their due date, but have not as yet been paid. This is an example of?
Governmental fund. General fund.
Often when governments talk about “balancing their budget,” what they really mean is that they are balancing the budget of their general fund. What are the general funds accounted for?
It accounts for all current financial resources of a govern- ment except for those current financial resources that are ac- counted for in another fund.
What purpose have special revenue funds?
Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted to be ex- pended for specific purposes.
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What is the purpose of capital project funds?
Governments often use capital projects funds to account for and report major capital acquisition and construction activities.
Enterprise funds are used to account for operations that fall within two basic categories:
- Activities that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is to finance or recover costs of providing goods or services to the general public on a continuing basis primarily through user charges.
- Operations where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, ac- countability or other purposes.
What is the main purpose of an internal service fund?
The main purpose of internal service funds is to identify and allocate costs of goods or services to other departments, it is generally recommended that governments use separate internal service funds for different activities
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