Question: A primary government can be either a general purpose government
A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government?
Answer to relevant QuestionsThe Willingham Museum qualifies as a component unit of the City of Willingham. How does an activity or function qualify to be a component unit of a primary government? Assume in question 9 that the city does not choose to report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift?Multiple Choice Questions1. A city government has obtained an asset through a capital lease. Which of the following is true for the government-wide financial statements?a. The accounting parallels that used in for-profit ...Mary T. Lincoln works for the City of Columbus. She volunteered to work over the 2010 Christmas break to earn a short vacation during the first week of January 2011. She earns three vacation days and will be paid $400 per ...Use the information in problem 40 to prepare the 2010 fund-based financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that "available" is defined as ...
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