Which of the following is necessary for a special purpose local government to be viewed as a primary government for reporting purposes? It must have a separately elected governing body. It must have specifically defined geographic boundaries. It must be fiscally independent. It must have corporate powers to prove that it is legally independent.
Which of the following is necessary for a special purpose local government to be viewed as a primary government for reporting purposes? It must have a separately elected governing body. It must have specifically defined geographic boundaries. It must be fiscally independent. It must have corporate powers to prove that it is legally independent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is necessary for a special purpose local government to be viewed as a primary government for reporting purposes?
- It must have a separately elected governing body.
- It must have specifically defined geographic boundaries.
- It must be fiscally independent.
- It must have corporate powers to prove that it is legally independent.
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