The Unified Federal Budget Was Originally Intended to Include Which

question 46

Multiple Choice

The Unified Federal Budget was originally intended to include which of the following fund types?

• A)General fund, all special funds, all trust funds, and all revolving funds.
• B)General fund, all special funds, some trust funds, and all revolving funds.
• C)General fund, some special funds, some trust funds, and all revolving funds.
• D)General fund, all special funds, and all revolving funds.

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Definitions:

Revenue Recognition

The accounting principle that dictates the conditions under which revenue is recognized and how to measure the amount to be recorded.

Percentage-Of-Completion Method

An accounting method that recognizes revenues and expenses of long-term projects proportionately with the degree of completion.

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that is used globally to prepare public company financial statements.

Contract Revenue

Revenue recognized by a company from contracts for the sale of goods or services, often recognized over the period of the contract based on the completion or delivery of services/goods.