Which of the Following Is an Example of a Formula

question 20

Multiple Choice

Which of the following is an example of a formula grant?

• A)Medicaid
• B)the Clean Air Act-Consider This: While the Clean Air Act does provide some funding,a formula grant specifically allocates for an established program at rates established by the federal government.
• C)military funding
• D)congressional salaries

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a specific period.

Balance Sheet Account Balances

The values recorded in the accounts that appear on a company's balance sheet, representing assets, liabilities, and shareholders' equity at a specific point in time.

After Adjustments

Refers to figures or financial statements that have been modified to reflect changes or corrections to initial entries or accounts.

Closing Process

The closing process involves finalizing accounts at the end of an accounting period, transferring net income and dividend information to retained earnings, and preparing the accounts for the next period.