Identify the correct option out of the given statements.

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Chapter 17, Problem 27P

To determine

Identify the correct option out of the given statements.

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For component units, what is the difference in discrete presentation and blending? Choose the correct.a. A blended component unit is shown to the left of the statements; a discretely presented component unit is shown to the right.b. A blended component unit is shown at the bottom of the statements; a discretely presented component unit is shown within the statements like a fund.c. A blended component unit is shown within the statements like a fund; a discretely presented component unit is shown to the right.d. A blended component unit is shown to the right of the statements; a discretely presented component unit is shown in completely separate statements.

In the blanks provided to the right below, select the letters of the underlying assumption, measurement method, qualitative criteria, or constraint most closely associated with the statements. Some letters may be used more than once and some may not be used at all.A. Separate-entity assumption G. MatchingB. Continuity assumption H. Historical costC. Relevance I. Unit-of-measure assumptionD. Time-period assumption J. Faithful representationE. Cost/benefit K. VerifiabilityF. Revenue recognition L. Full disclosure 1. Any accounting method is acceptable for small items that will not change users’ decisions. 2. Assumes that all financial statement elements can be meaningfully described in dollar terms. 3. Long-term assets that increase in value are not normally written up in the…

What is the difference between a blended component unit and a discretely presented component unit?