This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Blended and discretely presented component units may issue separate financial statements. Which of ... (Read 133 times)

BrownTown3

  • Hero Member
  • *****
  • Posts: 564
on: Jul 5, 2018
Blended and discretely presented component units may issue separate financial statements. Which of the following statements is false related to this provision in GAAP?
 
  A. If a blended or discretely presented component unit issues separate financial statements, they are not required to be reported as part of the primary government's reporting entity.
  B. GAAP require component units to report any component units they may have as part of their separately issued financial statements.
  C. GAAP do not prevent component units from separately issuing their own financial statements.
  D. The primary government must include any component units in their external financial reporting to comply with GAAP.

Question 2

The unearned rent account has a balance of 72,000 . If 18,000 of the 72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is
 a. 18,000
  b. 90,000
  c. 54,000
  d. 36,000


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Koolkid240

  • Sr. Member
  • ****
  • Posts: 357
Reply #1 on: Jul 5, 2018
Answer to Question 1

A

Answer to Question 2

c


BrownTown3

  • Member
  • Posts: 564
Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

gcook

  • Member
  • Posts: 343
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

An example of a two-component regulatory system in bacteria An example of a two-component regulatory system in bacteria
The spatial distribution of trees in three separate stands of different ages on Vancouver Island (da The spatial distribution of trees in three separate stands of different ages on Vancouver Island (da
Physical assessment is one component of the nursing database Physical assessment is one component of the nursing database
This patient presented with a case of facial palsy caused by an infection by the bacterial ... This patient presented with a case of facial palsy caused by an infection by the bacterial ...
On the Flexible Item Selection Task (FIST) children are presented with three cards On the Flexible Item Selection Task (FIST) children are presented with three cards
Expressing amounts of energy in different energy units is necessary to solve many chemistry ... Expressing amounts of energy in different energy units is necessary to solve many chemistry ...
Video: Decubitus Ulcer

For a complete list of videos, visit our video library