Under the GASB Statement No

question 27

Multiple Choice

Under the GASB Statement No.34 reporting model, the focus of the government-wide statement of activities is on which of the following?

• A)Program revenues and general revenues.
• B)Program revenues and expenses.
• C)Net income.
• D)The net cost of each of the government's main functions and programs.

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Definitions:

Budgetary Control

The process of monitoring financial budgets by comparing actual performance with the budgeted amounts to manage financial resources effectively.

Actual Operations

The real activities and processes conducted by a business in producing its goods or services, as opposed to theoretical planning.

Planned Results

The expected outcomes or objectives set by a business or project before the commencement of activities, often used as a basis for performance evaluation.

Favorable Results

Outcomes that are positive or beneficial, usually exceeding expectations.