Describe the accounting required by the GASB for municipal solid waste landfill closure and post closure care costs. (It is not necessary to describe footnote disclosures).
What will be an ideal response?
As the Federal Government requires that landfill operators pay for closure costs and maintenance of the site for 30 years after closure, the GASB requires that these costs be estimated and that a portion of those costs be charged to each year on a units of production basis (waste put in this period compared with estimated total waste to be put in). A liability would also be recorded. Details would depend on whether the activity is accounted for as a proprietary or a governmental fund.
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Assertions about classes of transactions and events for the period under audit include:
A. occurrence, completeness, and cutoff. B. existence, completeness, and accuracy. C. occurrence, completeness, and valuation and allocation. D. existence, completeness, and classification.
The ___________ is the period when the general marketplace switches over to the new technology
a. chasm b. bowling alley c. tornado d. beachhead e. main street
Implicit and explicit cursors are considered dynamic because they are associated with specific queries.
Answer the following statement true (T) or false (F)
According to the 2010 census, the U.S. Census Bureau estimated that half of the nation’s population growth since 1990 was due to ______.
a. increased birthrate b. lower death rate c. immigration d. improved public health