A town's garbage trucks accidentally sideswiped two parked automobiles in the year ended December 31, 2013 . One case was settled for 3,000, and the town expects to pay it in January 2014 .
In the other case, the claimant originally demanded 15,000 . The town attorney thinks they can settle the claim for 10,000, but it probably will take two years to settle the case. What amount should the town report as a claims liability on the General Fund's December 31, 2013 balance sheet?
a. 0
b. 3,000
c. 13,000
d. 18,000
Question 2
Which transaction of a federal agency does not require both budgetary and proprietary entries?
A. Receipt of budgetary authority from the Congress, i.e., receipt of appropriation.
B. Payment of liabilities.
C. Accrued salaries and benefits.
D. Receipt of fixed assets or material ordered.
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Small Town USA: Struggling to Survive
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