Question: Assume a primary government appoints a voting majority of the
Assume a primary government appoints a voting majority of the governing board of a legally separate organization. When determining the financial reporting entity, what other requirements must be met for the primary government to be considered financially accountable for that organization?
Answer to relevant QuestionsList the major components of the financial section of a comprehensive annual financial report. The Building Authority was created by the city and organized as a separate legal entity. The authority is governed by a five- person board appointed for 6- year terms by the mayor, subject to city council approval. The ...State in which part of an entity’s CAFR (MD& A, fund financial statements, notes to the financial statements, required supplementary information, and so forth) you are most likely to find the following information: 1. ...The City of Lexington had the following transactions during the calendar year 2013. The transactions relate to financing and constructing a new firehouse. Lexington uses budgetary accounting in its Capital Projects Fund. ...Describe three items that require reconciliation between fund financial statements and government- wide financial statements.
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