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Subject Topic: Governmental acc. questions (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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agarcia255
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Posted: 08 Apr 2009 at 10:35 | IP Logged  

1) blended

2) discrete

Correct me if I'm wrong. Thanks.

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divyagovil1
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Posted: 08 Apr 2009 at 11:47 | IP Logged  

agarcia255 wrote:

1) blended

2) discrete

Correct me if I'm wrong. Thanks.

Correct, agarcia255.

However, I have a query ! In the first question, it is said that the board of education is not organized as a separate legal entity. Thus, how it could be a component unit?

whereas, test for component unit is that "A component unit of the primary government is a legally separate organization for which the elected officials of the primary government are financially accountable"

Thanks for any inputs !



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Divya - CO State

Passed using Becker Review :
FAR - 04/11/09 - 94
BEC - 05/30/09 - 86
REG - 08/29/09 - 95
AUD - 11/21/09 - 92
Ethics - 2011
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agarcia255
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Posted: 08 Apr 2009 at 14:08 | IP Logged  

Clues:

blended - indistinguishable/dependent. In problem 1) administered by separately elected BOE, but (it is not organized as a separate legal entity and doesn't have the power). Component unit - BOE

discrete - distinguishable/independent. In problem 2) it is clear that the separately elected governing body administers the system.  Component unit - governing body

Please note: System's budget should always be approved by City Council (financially accountable).

 

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cinnamon
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Posted: 08 Apr 2009 at 16:17 | IP Logged  

Great! Thank you all for your answers! Now I begin to understand what's going on with these questions!! :)
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divyagovil1
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Posted: 08 Apr 2009 at 19:00 | IP Logged  

I think I finally get it now..... Excellent explanations :) I had been getting so confused with the wordings in the Becker solutions.....

Thanks All !!



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Divya - CO State

Passed using Becker Review :
FAR - 04/11/09 - 94
BEC - 05/30/09 - 86
REG - 08/29/09 - 95
AUD - 11/21/09 - 92
Ethics - 2011
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