For General Purpose External Financial Reporting, Discretely Presented Component Unit

question 29

Multiple Choice

For general purpose external financial reporting, discretely presented component unit information

• A) Is not presented.
• B) Is included in the government-wide statements only.
• C) Is included in the fund financial statements only.
• D) Is included in both the government-wide and the fund financial statements.

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Definitions:

Cash Payments Journal

A business ledger that documents every cash expenditure or payment conducted by a company.

Purchases Journal

A purchases journal is a special journal used in accounting to record all purchases of merchandise, supplies, or other assets on credit.

Horizontal Analysis

Financial analysis that compares an item in a current statement with the same item in prior statements.

Vertical Analysis

An analysis that compares each item in a current statement with a total amount within the same statement.