A Governmental Fund Budgetary Comparison Statement or Schedule Should

question 25

Multiple Choice

A governmental fund budgetary comparison statement or schedule should

• A) Be prepared on the same basis the budget was enacted.
• B) Always be prepared on a GAAP basis.
• C) Always be prepared on a cash basis.
• D) Be prepared only for the General Fund.

---

Definitions:

Profit

The financial gain made in a transaction or business operation, calculated by subtracting total expenses from total revenue.

B-Corp Certification

A certification for businesses that meet high standards of social and environmental performance, accountability, and transparency.

Sustainable Financial Basis

A state of financial stability that can be maintained over the long term without depleting resources.

Fair Trade

A social movement and market-based approach that aims to help producers in developing countries obtain fair payment for their goods and labor.