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Author Question: Business-type activities typically include A. Only the enterprise funds. B. Only the internal ... (Read 49 times)

mspears3

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on: Jul 5, 2018
Business-type activities typically include
 
  A. Only the enterprise funds.
  B. Only the internal service funds.
  C. All of the proprietary funds.
  D. All of the proprietary and fiduciary funds.

Question 2

Wakefield Village and Wakefield County were partners in the development of the Wakefield Water Authority, which is a separate legal entity. Neither the village nor the county will share in any profits of the Authority.
 
  Both, however, are obligated to fund any deficits or debt defaults that may occur, though this scenario is considered to be highly unlikely. Both the village and the county appoint three of the seven Water Authority board members. The seventh is appointed by another village in the county. Both the Wakefield Village and Wakefield County should report the Authority as
  A. A related organization.
  B. A jointly governed organization.
  C. A joint venture.
  D. A discretely presented component unit.


cswans24

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Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

C


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