Which of the following terms best describes a government's ongoing ability and willingness to meet its...

Which of the following terms best describes a government's ongoing ability and willingness to meet its financial obligations and service commitments as they become due?

Question 19 :

A)	Financial condition.

B)	Financial position.

C)	Economic condition.

D)	Fiscal capacity.

Solutions

Expert Solution

C. Economic condition

According to Chapter 5 and Question 7 of the Preliminary Views, Economic Condition Reporting: Financial Projections,The discussion focused on the following topics:

(1) the qualitative characteristics applicable to financial projections and related narrative discussions;

(2) which governments would report financial projections and related narrative discussions;

(3) whether to include governmental and business-type activities in the reporting of financial projections and related narrative discussions;

4) whether to exclude discretely presented component units in the reporting of financial projections and related narrative discussions;

(5) the methodology for determining what is considered a “major” cash inflow, cash outflow, financial obligation, and intergovernmental service interdependency; and (6) whether to include a cautionary notice preceding the reported financial projections and related narrative discussions and what this notice would include.

ekkarill92 answered 1 year ago

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