Author Question: The financial statements are prepared from the unadjusted trial balance. a. True b. False ... (Read 55 times)

rayancarla1 · **on:** Jul 5, 2018

The financial statements are prepared from the unadjusted trial balance.
a. True
b. False

Indicate whether the statement is true or false

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 or 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 blended component unit of the town.
e. a discretely presented component unit of the town.