The Balance Sheet Format Recommended for Financial Statements Submitted to the NARUC

question 12

True/False

The balance sheet format recommended for financial statements submitted to the NARUC and FERC for utilities subject to regulatory reporting requirements displays Utility Plant before Current and Accrued Assets and Long-Term Debt before Current and Accrued Liabilities.

---

Definitions:

Negligence

A failure to behave with the level of care that a reasonably prudent person would have exercised under the same circumstances, resulting in harm or injury.

Tort Liability

Legal responsibility arising from civil wrongs not arising out of contractual obligations, resulting in harm or injury to another.

Principal

The main party to a transaction, agreement, or contract, often responsible for fulfilling the obligations set within.

Third Persons

Individuals who are not a direct party to a legal agreement or transaction but may be affected by it or have certain rights or obligations related to it.