If a primary government reports a discretely presented component unit, then the primary government must
A. Prepare two separate Management's Discussion and Analyses.
B. Prepare two sets of note disclosures.
C. Include the financial information of the discretely presented component unit in the government-wide financial statements.
D. Include information related to the discretely presented component unit within the statistical section of the CAFR.
C
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The US Treasury received $1 trillion in tax payments. It spent $850 billion on "current" goods and services plus transfer payments and interest on existing bonds. It spent $200 billion on capital projects (such as highways and medical research). Which of the following is correct?
a) It has a surplus of $150 billion but must issue $50 billion in new bonds b) It has a deficit of $50 billion and must issue $50 billion in new bonds c) It has a deficit of $50 billion and must issue $150 billion in new bonds d) It has a surplus of $150 billion and can pay off $150 billion in existing bonds
In capital-intensive industries, wage levels are often a large percentage of costs associated with a product
Indicate whether the statement is true or false