er governments? A.) To determine its budget B.) To levy taxes and set rates C.) To establish debt limitations
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Which of the following is not a power that a municipality must have to be considered fiscally independent of other governments?
A.) To determine its budget
B.) To levy taxes and set rates
C.) To establish debt limitations
D.) To issue bonds
Step by step
Solved in 4 steps
- Revenue bonds are supported by the local government’s revenue stream from taxes. True FalseWhich of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax leviesObligations of property owners within a particular government for their proportionate share of debts of other governments with whom their government shares boundaries are called overlapping debt. conduit debt. committed debt. more obligation debt.
- For some types of debt, note disclosure is sufficient. For each of the following items relating to the debt of Marfa City, indicate whether and how the debt would be reported on a balance sheet of one of the city's governmental funds. If it would not be reported on a balance sheet of one of the city's governmental funds, then state whether it would be reported instead on the government‐wide statement of net position or in notes to the financial statements. Insofar as you would need additional information to determine how the debt should be reported, specify such information and tell how it would affect the determination. Briefly justify your response. The city issues $10 million in 30‐year, 6 percent revenue bonds to enable a local nursing home to construct new facilities. The facilities will be leased to the home for the term of the bonds, and the lease payments will be exactly equal to the debt service on the bonds. At the expiration of the lease, the property will revert to the…Thank youWhat restrictions are placed on state and local government debt in Texas?
- What are the two government-wide financial statements? What does each normally present?Vouchers payable denote: a. A future liability estimated when order is made b. Amount due to government from user charges c. A liability incurred when goods/services are received d. Amount payable by government on long term debts Question 2 Question text Which of the following is not an example of the function of an Agency Fund? a. Collection of property tax by one government unit for the other b. All the options listed c. Payment of interest and principle on long-term debt d. Collection of local government sales taxes by the state government6 Which of the following is a primary objective of financial reporting by state and local governments? Multiple Choice To provide information that can be used for capital allocation decisions made by external investors. To report on the legal requirements imposed on the government by its elected officials. To provide information that can be used to assess a government's accountability. To fulfill the government's statutory duty to report on cash received and cash disbursed.
- The primary revenue for local government is..... a. Income taxation b. Sales taxation c. Estate taxation d. Property taxationV6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?