Question: What is a component unit? What does it mean when a primary government is financially accountable for a component unit?

What is a component unit? What does it mean when a primary government is financially accountable for a component unit?

Step by Step Solution

★★★★★

3.36 Rating (162 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

A component unit is a legally separate entity for which the primary g... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

273-B-A-G-F-A (1674).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

What exactly does it mean when we say that oxygen boils at - 183C?

Q:

What is a component process? A process group? A knowledge area?

Q:

What makes a government financially accountable for another entity?

Q:

The GASB defines a component unit as any organization for which the primary government is financially accountable.

Q:

The GASB defines a component unit as any organization for which the primary govenrment is financially accountable true or false

Q:

3. A component unit a Is financially accountable to the primary government b Must be discretely presented in a primary governments CAFR c Is excluded from a primary governments CAFR d Is a legally...

Q:

39 multiple choice questions governmental and non profit accounting 1) Under GASB rules for the financial reporting entity: A. component units must be reported in columns (discrete presentation)...

Q:

Blending and discrete presentation are two distinct methods used in government financial reporting to incorporate the financial information of component units into the primary government's financial...

Q:

Blending and discrete presentation are two distinct methods used in government financial reporting to incorporate the financial information of component units into the primary government's financial...

Q:

(Multiple choice) 1. In governmental financial reporting, what is blending? a. A method of preparing the notes to the CAFR b. The process of including the financial data of a component unit with the...

Q:

When assigning a scientific name to an organism, O the species name is capitalized. the species name is placed first. the species name can be abbreviated. O both genus and species names are...

Q:

Assume mortgage payments of $1000 per month for 30 years and an interest rate of 1/2% per month. What initial principal or PW will this repay?

Q:

Exercise 6.15 RAID 3, RAID 4, and RAID 5 all use parity system to protect blocks of data. Specifi cally, a parity block is associated with a collection of data blocks. Each row in the following table...

Q:

Which of the following statements most likely represents a disadvantage for an entity that keeps microcomputer-prepared data files rather than manually prepared files? a. Random error associated with...

Q:

Describe a situation where a poor alternative was selected, because there was a poor search for better alternatives.

Q:

Choose the better of the undesirable alternatives. The three economic criteria for choosing the best alternative are minimize input, maximize output, and maximize the difference between output and...

Q:

As in Problem 1-18, state the appropriate economic criterion for each of the following situations. (a) The engineering school held a raffle of an automobile with tickets selling for'50~each or three...

Q:

When answering these questions, assume that Mark pays an annual insurance premium of $785, has a $750 annual deductible, and 80/20 coinsurance clause, and an annual stop-loss of $3,000. For each...

Q:

patent costing $48,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight years. Description Debit Credit mortization Expense-Patents v 48,000X...

Q:

The weight of a small Starbucks coffee is a normally distributed random variable with a mean of 410 grams and a standard deviation of 10 grams. Find the weight that corresponds to each event. (Use...