The 'Residual' Powers of the State Parliament Are

question 50

Multiple Choice

The 'residual' powers of the State parliament are:

• A)Matters in relation to which both the Federal and State parliaments may make laws.
• B)Matters in relation to which only the Federal parliament may make laws.
• C)Unimportant matters which do not necessitate the making of laws.
• D)Matters in relation to which only the State parliaments may make laws.

Understand how to calculate and interpret the effects of accounting adjustments on the adjusted trial balance and financial statements.

Understand the types of funds used in governmental accounting and their purposes.

Identify and differentiate between the basis of accounting (modified accrual vs. accrual) used in various governmental funds.

Recognize the appropriate recording of revenues and expenditures in governmental accounting.

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Definitions:

Bureaucrats

Officials within an administrative system, especially those perceived as being concerned with procedural correctness at the expense of people's needs.

Public-sector Managers

Individuals responsible for directing, controlling, and overseeing the operations and budgets within government departments or public sector organizations.

Economically Efficient

A situation in which resources are allocated in a way that maximizes the net benefit to society, with no way to improve someone's condition without worsening another's.

Public Choice Theory

An economic theory that studies how public decisions and policies are made, considering individuals in the public sector make choices largely based on their own interests, similar to those in the private sector.