As Part of the State and Local Government Accounting and Reporting

question 8

Multiple Choice

As part of the state and local government accounting and reporting model, a budgetary comparison statement or schedule for the General Fund should be presented as

• A) A basic financial statement or required supplementary information.
• B) In the other information section of the CAFR.
• C) A note to the financial statements.
• D) Budgetary reporting is optional for governments.

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Definitions:

Delegates Duty

The act of assigning one's responsibilities or tasks to another person, often seen in contracts and employment relationships.

Obligated

Refers to having a legal or moral duty to do something.

Assigns Right

The transfer of rights or interests in a property or contract from one party to another.

Rent Payments

Periodic payments made by a tenant to a landlord in exchange for the right to occupy or use the property of the landlord.