Formal Statements That Define Fundamental Values and Reference Organizational Responsibilities

question 23

Multiple Choice

Formal statements that define fundamental values and reference organizational responsibilities, products and employees are often called _____.

• A) principle-based
• B) policy-based
• C) ethically-based
• D) codified
• E) codes of organizational integrity

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Definitions:

General Fund

The primary operating fund of a governmental entity, accounting for all financial resources except those required to be accounted for in another fund.

Governmental Fund Financial Statements

Financial reports that detail the financial position and results of operations for the government funds, embracing a diverse range of governmental activities and services.

Fund Financial Statements

Financial reports that detail the income, expenditures, and other financial activities of a particular fund within an organization.

Incremental Borrowing Rate

The interest rate a lessee would have to pay to borrow under a similar term, and with similar security, the funds necessary to obtain an asset lease.