Answer:
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Indication of how they should be reported are as follow:
1) Budgetary Schedules : FINANCIAL SECTION AS RSI (RSI)
2) Letter of Transmittal : INTRODUCTORY SECTION (I)
3) Legal debt limitations and debt margin : STATISTICAL SECTION (S)
4) A description of government's financial conditions : FINANCIAL SECTION AS MD&A (MDA)
5) Property tax collection and levy information : STATISTICAL SECTION (S)
6) Defined benefit pension plan schedules : FINANCIAL SECTION AS RSI (RSI)
7) Financial highlights of the fiscal year : FINANCIAL SECTION AS MD&A (MDA)
8) Auditors report : FINANCIAL SECTION (F)
9) 10-year data trend : STATISTICAL SECTION (S)
10) Notes to the financial report : FINANCIAL SECTION (F)
The fact that the U.S. had a federal budget surplus meant that <u>A. </u><u>U.S. government debt</u><u> was </u><u>reduced </u><u>but</u><u> not eliminated. </u>
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When a country has a budget surplus, it means that:
- The country had enough tax revenue to take care of its obligations
- The country did not have to borrow extra funding
- The country was able to pay off some debt
With the U.S. having a budget surplus, we can conclude that the U.S. was not only able to avoid borrowing more money, they were able to pay off some.
This means that they reduced the debt even though they did not eliminate it.
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Answer and Explanation:
The computation of the outstanding checks is shown below:
For the November end
= Checks - presented in the bank
= $10,230 - $8,240
= $1,990
For the December end
= Checks - presented in the bank + presented in th bank - checks
= $10,230 - $8,240 + $11,815 - $10,655
= $3,150
We simply applied the above formula
Answer:
Opportunity Cost
Explanation:
Defined as the loss of potential gain from other alternatives when one alternative is chosen.
