A Primary Responsibility of the Office of Management and Budget

question 236

Multiple Choice

A primary responsibility of the Office of Management and Budget (OMB) is that it

• A) establishes the nation's monetary policy by changing the interest charged to member banks and lending institutions.
• B) analyzes and conducts military operations, with particular attention paid to financial implications.
• C) advises the president on how much the administration should propose to spend for government and where the money will come from.
• D) analyzes the general state of the economy and advises the president on economic policy.
• E) provides advice on the formulation of domestic policy programs

---

Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used for preparing financial statements.

Statement of Financial Position

Another term for a balance sheet, detailing a company's assets, liabilities, and equity at a specific point in time.

Recognizing Revenue

The process of recording revenue in the accounting records once it is earned and realizable, in accordance with relevant accounting standards.