Koch County has two component units-an Electric Utility and a Housing Authority. In its separate financial statements, the Electric Utility reports using a single enterprise fund. The Housing Authority reports using a general fund, a special revenue fund, and a debt service fund.
a. Assuming that both component units meet the criteria for presentation as discretely presented component units
-Where should their financial information be presented in the county's financial report?
-How would the Housing Authority's general fund be reported?
b. Assuming that the Electric Utility meets the criteria for reporting as a major component unit, what is the most likely way in which the city would meet the additional disclosure requirement for the utility? What are two other ways that the disclosure requirements could be met?
c. Assuming that the Housing Authority meets the criteria for presentation as a blended component unit
-Where should the authority's financial information be presented?
-How would the authority's general fund be reported?
Correct Answer:
Verified
-Discretely presented component units...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q56: The Friends of the City Public Library
Q57: The Hospital Foundation is a legally separate,
Q58: With regard to combining statements, which of
Q59: Which of the following is generally considered
Q60: The Hospital Foundation is a legally separate,
Q62: The data below were taken from the
Q63: The required supplementary information (RSI) includes all
Q64: A special-purpose government that engages in more
Q65: What are four types of information that
Q66: A comprehensive annual financial report (CAFR) includes
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents