Reference no: EM132737576

Problem 1: Interperiod equity is the term used when state and local governments':

Select one:

A. Taxes are distributed fairly among all taxpayers

B. Current-year revenues are sufficient to pay for current year service

C. Current-year revenues cover operating and capital expenditures

D. Tax revenues are approximately the same from year to year

Problem 2: A reporting entity, such as a city, will report the financial position and results of operations of a component unit:

Select one:

A. In the notes to the financial statements.

B. Either discretely or blended.

C. By blending in each of the account names and balances with that of the reporting entity.

D. Discretely in a separate column.