Author Question: Adjustments for accruals are needed to record a revenue that has been earned or an expense that has ... (Read 40 times)

dmcintosh · **on:** Jul 5, 2018

Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded.
a. True
b. False

Indicate whether the statement is true or false

Question 2

The governing board of the city of Wheaton is also the governing board of Mosquito Abatement District, a business-type activity. Which of the following statements regarding the financial reporting options is false?

a. The District is a blended component unit and is reported in both the fund financial statements and the government-wide financial statements.
b. The District is not subject to major fund reporting criteria.
c. The District may be reported in a separate column on the Proprietary Fund financial statements, but would most likely be reported within the business-type activities column in the government-wide financial statements.
d. The District is not eligible to be reported as a discretely presented component unit.
e. A budget-to-actual presentation is not required for the District.