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How Governments Account for Special Assessments Today

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1. A government expects to pay its electric bill relating to its current fiscal year sometime in the following year. An official of the government requests your advice as to whether the anticipated payments should be charged as an expenditure of the current or the following year. How would you respond?

2. At one time governments maintained a unique type of fund to account for special assessments. This fund recorded the construction in process, the long-term debt, and the assessments receivable. Explain briefly how governments account for special assessments today.

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Solution Summary

This solution contains an explanation of the role of government and regulation with regards to special assessment of current expenditure.

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1) The expenditure should be charged to the current year. The operational and maintenance funds in the government are what is ...

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