Question
During a time of high unemployment, a state may borrow from the federal government to cover deficiencies in its unemployment insurance fund. The state issues
During a time of high unemployment, a state may borrow from the federal government to cover deficiencies in its unemployment insurance fund. The state issues a special assessment to employers in order to raise funds to pay back the federal government. How should special assessment amounts col lected and the amount owed to the federal government be reported in the government-wide financial statements? A. Col lected amounts-revenue; amount owed-not reported B. Col lected amounts-revenue; amount owed-liability C. Col lected amounts-not reported; amount owed-not reported D. Col lected amounts-not reported; amount owed-liabil ity
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