When Is This Revenue Reportable on the Financial Statements for Northern

question 43

Multiple Choice

When is this revenue reportable on the financial statements for Northern?

• A) Fiscal year ended June 30, 2013.
• B) Fiscal year ended June 30, 2012.
• C) Half in 2012 and half in 2013.
• D) Pro-rated between the two fiscal years based on the number of summer school days in each reporting period.

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Definitions:

Budget Deficit

The condition in which a nation spends more than it takes in from taxes.

Agricultural Commodities

Products derived from agriculture such as grains, livestock, and dairy that are traded on various commodity exchanges.