A disadvantage of decentralization in organizations is higher overhead costs due to duplication

(Determination of property tax rate)

The City of Weston is preparing its budget for calendar year 2013 . After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes. You are given the following information regarding the tax rate: Property taxes to be collected $7,000,000 Estimated uncollectible property taxes $70,707 Total assessed value of property at beginning of 2013 $65,000,000 Expected reduction in assessed value from appeals $200,000 Assessed value of City property, not subject to tax $1,400,000 Adjustments to assessed values for senior citizen exemptions $1,000,000 Required: a. Compute the gross amount of property taxes required to be levied. b. Compute the tax rate per $100 of net assessed valuation. c. Determine the amount of property tax that a home owner whose property is assessed at $35,000 will have to pay.

The qualitative characteristics describe the attributes that enhance the usefulness of financial reporting information. The FASB's conceptual framework sets forth the qualitative characteristic of _____ envisions that the nature of the information is relevant and that its effect is large enough to influence a decision. As standard setters make decisions about financial reporting standards, they

consider the costs and benefits of those standards. They assess whether the benefits to users of financial reports from a particular financial reporting requirement exceed the costs of providing the information. a. relevance b. reliability c. comparability d. materiality e. understandability