Recently Effective Accounting Standards Require the Preparation of Two Separate

question 57

Multiple Choice

Recently effective accounting standards require the preparation of two separate sets of financial statements. The first set of fund financial statements are similar to the historical fund based reporting model. Which of the following statements is false concerning the additional financial statements that are now required?

• A)the statements are designed to focus on the governmental unit as a whole
• B)the statements consolidate all government operations on a full accrual basis
• C)the statements are designed to report on the profit making ability of the resources collected
• D)the statements adopt an economic resources measurement focus

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Definitions:

Practitioner

A professional engaged in the practice of a particular occupation or profession, often within the healthcare sector.

Second Call

In emergency services, a subsequent notification for assistance or action after the initial call.

Long Wait

An extended period of time spent anticipating or awaiting something, often causing inconvenience or dissatisfaction.

Enunciation

Clear and distinct speaking.