A Payment Made by a City-Owned Utility to the General

question 39

True/False

A payment made by a city-owned utility to the General Fund of the city in lieu of taxes is an example of a transaction that is recorded in the governmental activities journal.

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Definitions:

Privity of Contract

A legal principle that only the parties involved in the contract have the obligation to fulfill it and the right to enforce it.

Restatements

Thorough revisions and updates of authoritative legal texts that clarify and dictate the current state of the law in various fields.

Legislative History

The records and documents created during the enactment process of a law, which can include bill drafts, committee reports, and legislative debates, used for interpreting legislative intent.

Ethical Reason

A justification for an action or decision based on moral principles and values.