Recently Effective Accounting Standards Require the Preparation of Two Separate

question 10

Multiple Choice

Recently effective accounting standards require the preparation of two separate sets of financial statements. The first set of fund financial statements are similar to the historical fund based reporting model. Which of the following statements is false concerning the additional financial statements that are now required?

• A) the statements are designed to focus on the governmental unit as a whole
• B) the statements consolidate all government operations on a full accrual basis
• C) the statements are designed to report on the profit making ability of the resources collected
• D) the statements adopt an economic measurement focus

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Definitions:

CompareTo Method

A method in Java that is used for comparing two objects or values, typically returning a negative integer, zero, or a positive integer based on the comparison.

If Statement

A control flow statement that specifies a block of code to be executed if a specified condition evaluates to true.

Value Of Y

A phrase indicating the need to determine or discuss the value of a variable or quantity labeled 'Y'.

Switch Statement

A control flow statement that allows for more efficient multiple conditional operations based on the value of an expression.