Own-Source Revenue Is Money That Is Gathered from

question 41

Multiple Choice

Own-source revenue is money that is gathered from

• A)intergovernmental transfers of money.
• B)income taxes.
• C)taxes and fees collected from people, services, and products within the jurisdiction of each level of government.
• D)grants-in-aid from the federal government.

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Definitions:

Expected Outflows

The projected cash or resource outflows from a business or specific project, often used in financial planning or investment analysis.

Provisions Disclosure

The requirement to reveal information about provisions within the financial statements, including the nature, timing, and amount.

AASB 137

An accounting standard that provides the accounting treatment and disclosure for provisions, contingent liabilities, and contingent assets.

Comparative Information

Financial data presented for multiple periods, allowing users to identify trends, measure performance, and make comparisons over time.