The United States Government Combined Statement of Receipts, Outlays, and Balances

question 30

Multiple Choice

The United States Government Combined Statement of Receipts, Outlays, and Balances is prepared on which of the following bases of accounting?

• A) Cash.
• B) Modified accrual.
• C) Budgetary.
• D) Accrual.

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Definitions:

Household Income

The total amount of monetary earnings and benefits received by all members of a household.

Taxes

Essential economic impositions or various kinds of levies exacted from a taxpayer by a state institution to underwrite the expenses of government and assorted public outlays.

Saving

The act of setting aside income for future use, often with the aim of achieving financial goals or providing for future needs.

Domestic Production

The total goods and services produced within the borders of a country.