Which of the following is true regarding the financial reporting entity of a state or local government?
A) Many component units are discretely presented, rather than blended.
B) Only a primary government is reported in the government-wide statements.
C) A school district could never be a primary government.
D) Both B and C are true

Question

Quizplus · Accepted Answer

Component units are more commonly reported using discrete presentation rather than blended. Government-wide statements report governmental and business activities which comprise the primary government. Similar information is presented in a separate column for the government's discretely presented component units. A school district can be a primary government.

Which of the Following Is True Regarding the Financial Reporting