A city provides a local business with a tax abatement so that it can avoided paying tax
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A city provides a local business with a tax abatement so that it can avoided paying tax for the next five years. In exchange, the business agrees to construct a new facility to hire 60 or more individuals. How does the city report this?
a. Only on the government-wide financial statements.
b. Only on the fund financial statements.
c. On both the government-wide and fund financial statements.
d. Only as a footnote disclosure.
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C On both the governmentwide and fund financial statements Explanation The city should report the ta...View the full answer
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