Under the GASB Statement No

question 39

Multiple Choice

Under the GASB Statement No.34 reporting model, which of the following is required?

• A)Only one set of financial statements, prepared on the full accrual basis of accounting.
• B)Only one set of financial statements, prepared on the modified accrual basis of accounting.
• C)Two sets of financial statements.One set views the government as a collection of separate funds and uses the current financial resources measurement focus and modified accrual basis of accounting for governmental funds.The other set views the government as a whole by combining all governmental activities in one column and all business-type activities in another column and uses the full accrual basis of accounting for both columns.
• D)Two sets of financial statements.One set views the government as a whole and uses the current financial resources measurement focus and modified accrual basis of accounting.The other set views the government by function, combines all governmental activities in one column and all business-type activities in another column, and uses the full accrual basis of accounting for both columns.

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Definitions:

Forearc Basin

A sedimentary basin that lies between the volcanic arc and the trench in a convergent plate boundary.

Sedimentary Unit

A layer of sedimentary rock with distinguishable characteristics that set it apart as a visually identifiable segment of a stratigraphic sequence.

Pluton

A body of intrusive igneous rock that solidified below the surface of the earth.

Shear Zone

A region of the Earth's crust where rocks have been deformed by shear stress, leading to the alteration of their structure and the development of foliation.