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

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Answer 1

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Chapter 9, Problem 1Q

To determine

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

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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.

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Which of the following best describes a “primary government”? Select one: A. A primary government must be both legally separate and fiscally independent. B. A primary government, although legally separate, may be fiscally dependent upon another governmental entity. C. Although a primary government has a separately elected governing body, it may not be a legally separate entity. D. The only requirement is for a primary government to have a separately elected governing body; It does not have to be either legally separate or fiscally independent.

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.

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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.

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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.

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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

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Answer 10

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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.

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