Which of the Following Statements About Special Assessments Is Correct

question 68

Multiple Choice

Which of the following statements about Special Assessments is correct?

• A) They're accounted for only in the General Fund or a special revenue fund.
• B) They can only raise taxes for funding the projects.
• C) Construction type special assessment projects can only account for short term projects to be considered special assessment.
• D) Accounting for construction type special assessments depends on the existence of any contingent liability on the part of the government.

---

Definitions:

Trade Discount

A reduction in the list price granted to customers, often based on volume of purchase or early payment, and not recorded separately in financial accounts.

Government Agencies

Public sector entities that are established to perform specific functions or services on behalf of a government.

Condensed Income Statements

Condensed Income Statements summarize the revenue, expenses, and net income of a company, providing a simplified overview of its financial performance over a specified period.

Merchandising Companies

Businesses that purchase goods in finished form and resell them to consumers without further processing.