State the circumstances under which a special purpose government will be considered as primary government.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Under what condition is the modified approach applied by a state or local government?

2) Briefly describe the service type activities that most general purpose governments perform?

Authoritative GAAP for state and local governments is divided into two categories with the first category having more authority than the second. What sources of GAAP are found in both of these categories?

Answer 2

Question

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Answer 6

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Answer 7

Chapter 9, Problem 1Q

To determine

State the circumstances under which a special purpose government will be considered as primary government.

Answer 8

Expert Solution & Answer

Explanation of Solution

Primary Government: As per GASB “a primary government is a state government or general purpose government. Primary government can also be treated as special purpose government that has a separate elected governing body, is legally separate and is fiscally independent of other state or local governments”. A legally separate organization has its own identity as “artificial person” with a personality and existence different from its creators and others. A special purpose government can be a fiscally independent organization by having authority to decide the budget, levy its own taxes, set rates or charges, and issue bonded debt without approval of another government.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - What is a component unit?Ch. 9 - Explain the difference between a blended and a...Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Give examples of items (transactions) that would...Ch. 9 - Prob. 10Q

State the circumstances under which a special purpose government will be considered as primary government.

Solution Summary: The author states the circumstances under which a special purpose government will be considered as primary government.

State the circumstances under which a special purpose government will be considered as primary government.

Explanation of Solution

Want to see more full solutions like this?

Chapter 9 Solutions