The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable.

Required:

Following is a list of entities being considered for classification as primary governments, for each of the entities listed indicate Yes if the entity would be considered a primary government and No if it would not be considered a primary government.

1. Waseca County government.

a. Yes

b. No

2. University of South Florida, a part of the State University System of Florida

a. Yes

b. No

3. The Tri-County Independent School District, a legal entity, with an elected board and financial Independence.

a. Yes

b. No

4. The State of Colorado.

a. Yes

b. No

5. Greenfeild Sports Authority, a joint venture between Greenfield County and Mighty Ducks Sports franchise.

a. Yes

b. No

Question

Business

Jamar

Today, 13:29

The GASB defines a financial reporting entity as the primary government and the entities for which the primary government is financially accountable.

Required:

Following is a list of entities being considered for classification as primary governments, for each of the entities listed indicate Yes if the entity would be considered a primary government and No if it would not be considered a primary government.

1. Waseca County government.

a. Yes

b. No

2. University of South Florida, a part of the State University System of Florida

a. Yes

b. No

3. The Tri-County Independent School District, a legal entity, with an elected board and financial Independence.

a. Yes

b. No

4. The State of Colorado.

a. Yes

b. No

5. Greenfeild Sports Authority, a joint venture between Greenfield County and Mighty Ducks Sports franchise.

a. Yes

b. No

+4

Answers (1)

Know the Answer?

Deshawn Lloyd · Answer 1

1. Yes

2. No

3. Yes

4. Yes

5. No

Explanation:

1. Waseca county is a county in United states and it is a primary government.

2. University of South Florida is not primary government because it is a part of a different system the state university system of Florida.

3. The Tri-County Independent school district is a legal entity and a primary government.

4. The State of Colorado is a primary government. It was admitted to union in 1876 as 38th state.

5. Greenfield Sports Authority is not a primary government because it is a joint venture between Greenfield County and Mighty Ducks Sports Franchise.