When Preparing a Budgetary Comparison Statement for a General Fund

question 18

Multiple Choice

When preparing a budgetary comparison statement for a General Fund, which column is optional?

• A) Final amended budget.
• B) Original budget.
• C) Variance comparing the final budget to the actual amounts on a budgetary basis.
• D) Actual amounts on a budgetary basis.

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Definitions:

Corporate Income Tax

A tax imposed on the net income of a corporation, calculated on its net earnings.

Stockholders

Individuals or entities that own shares in a corporation, granting them certain rights and potentially a share in its profits.

Benefits Principle

The idea that people should pay taxes based on the benefits they receive from government services

Taxes

Obligatory charges imposed by authorities on the earnings of employees and the profits of businesses, or applied to the price of various commodities, services, and financial activities.