This Year, Port City Was Sued for Injuries Sustained When

question 68

Multiple Choice

This year, Port City was sued for injuries sustained when a citizen slipped and broke her hip on the icy City Hall steps. The city attorney estimates the city will be held liable by the courts and a judgment of $300,000 will result. Because of the nature of the case it will likely be four years before the city makes any payment related to the accident. The present value of the likely future payment is $251,000. In the government-wide financial statements, at the end of the current fiscal year, Port City should recognize a liability of

• A) $300,000.
• B) $251,000.
• C) $0.
• D) $75,000.

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Definitions:

Stumpy

Describes an object, limb, or structure that is short and thick in proportion to its length, often used in describing plant or animal features.

Methylation Patterns

Biological processes involving the addition of a methyl group to DNA, affecting gene expression without changing the sequence.

Environmental

Related to the natural world and the impact of human activity on its condition.

Gene Sequence

The order of nucleotides in a DNA or RNA molecule that determines the specific genetic information carried by that molecule.