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Author Question: The attorneys for the City of Hensley believe that a lawsuit filed against the city will be settled ... (Read 33 times)

Diane

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on: Jul 5, 2018
The attorneys for the City of Hensley believe that a lawsuit filed against the city will be settled late in the next fiscal year.
 
  The attorneys believe that it is probable that the city will have to pay the claimants 30,000 to settle the lawsuit, but it is possible that it could be settled for as little as 15,000 or as much as 40,000 . How much should the city accrue as a liability in the General Fund for its current fiscal year?
   a. 0
   b. 15,000
   c. 30,000
   d. 40,000

Question 2

The Mount Pilot Airport Authority is governed by a seven-member board. Four of the board members are appointed by the town of Mount Pilot and the remaining three are appointed by the governing board of Griffith County.
 
  Neither the town nor the county share in any profits, nor are required to fund any deficits, of the Authority. The town, however, does approve the Authority's proposed budget. The county may make budgetary recommendations to the Authority, but they are not required to approve the proposed budget. The Authority should be reported as
  A. A jointly governed organization by both the town and the county.
  B. A joint venture by both the town and the county.
  C. Discrete component units of both the town and the county.
  D. A discretely presented component unit of the town.


macmac

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

a

Answer to Question 2

D


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