Which of the following scenarios does notdescribe governing boards of a primary government and a potential component unit that are substantially the same?
A. A city's governing board members are the ex-officio governing board members of the Library District.
B. A county has a seven-member board. Five of these board members serve on an eight-member authority board.
C. A county has a seven-member board. Three of these board members serve on a five-member authority board.
D. There are seven members serving on the city council. Five of these council members are the entire governing board of a historical district board.
Question 2
Any item a business owns that will provide future benefits is called owner's equity.
a. True
b. False
Indicate whether the statement is true or false
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In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
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