Which of the following is true with respect to bankruptcy?
Per the federal bankruptcy code, a municipality can be declared bankrupt but not insolvent
Many major cities have avoided bankruptcy by being placed under the control of financial control boards by their state governments
The concept of bankruptcy does not apply to governments because they have the authority to increase taxes and reduce services
Municipalities that are declared bankrupt by a court are brought under the control of independent trustees whose primary objective is to ensure that obligations to bondholders are satisfied in full

When color is used on a topographical drawing, black is used to represent what?

Which of the following characteristics are emphasized in the accounting for state and local government entities? i. revenues should be matched with expenditures to measure success or failure of the government entity. ii. there is an emphasis on expendability of resources to accomplish objectives. a. i only b. ii only c. i and ii d. neither i nor ii

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan