An accountant is trying to determine whether the school system of the City of Abraham is fiscally...

Question

An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent?
a. Holding property in its own name.
b. Issuing bonded debt without outside approval.
c. Passing its own budget without outside approval.
d. Setting taxes or rates without outside approval.

David · Accepted Answer

Answer) D. Setting taxes or rates without outside approval 
Explanations: Setting taxes or rates is not a function of school system. It is bound to follow the relative 
rates applicable on it which are always set up by outer forces say Govt. Therefore,

An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent? a....

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment