Which of the Following Is a NOT a True Statement

question 43

Multiple Choice

Which of the following is a NOT a true statement with regard to accounting and reporting for federal government agencies versus accounting and reporting for state and local governments?

• A) In their respective government-wide statements, state and local governments use the accrual basis of accounting whereas federal agencies use the cash basis of accounting.
• B) State and local governments record appropriations whereas federal agencies record apportionments.
• C) Federal agencies use a dual-track method of accounting for proprietary accounts and budgetary accounts; state and local governments use both budgetary and proprietary accounts only in governmental funds.
• D) The budget is recorded in the general ledger of a state or local government, but not in the general ledger of a federal agency.

Calculate profit or loss based on the retail price.

Understand the effect of operating expenses on pricing and profitability.

Analyze and calculate adjusted selling prices based on discounts, mark-ups, and markdowns.

Understand the fundamental legal characteristics and powers of corporations.

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Definitions:

Online Communities

Virtual spaces where people with shared interests or goals come together to communicate, share information, and build relationships.

Consumer Interest

The inclination of consumers to purchase goods and services based on desires and needs.

Mystery Shoppers

Trained researchers hired to pose as customers in order to gather information about the physical appearance or customer service attributes of a store.

Trained Researchers

Individuals with specialized training and expertise in conducting systematic investigations to establish facts or principles in various fields.