The City of Larissa recently opened a solid waste landfill to serve the area’s citizens and businesses.
The city’s accountant has gone to city officials for guidance as to whether to record the landfill within the General Fund or as a separate enterprise fund. Officials have asked for guidance on how to make that decision and how the answer will impact the government’s financial reporting.
Required
Write a memo to the government officials describing the factors that should influence the decision as to the fund in which to report the landfill. Describe the impact that this decision will have on the city’s future comprehensive annual financial reports.
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