On What Should the Governmental Fund Financial Statements Report

question 45

Multiple Choice

On what should the governmental fund financial statements report?

• A) Net position and results of financial operations of the government as a whole.
• B) Fiscal accountability.
• C) Operational accountability.
• D) Cost of government services.

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Definitions:

Good Increases

A term that is not well-defined in an economic context; possibly refers to growth in the quality or quantity of goods.

Labor

Human effort used in production which can include physical and mental contribution.

Price-Taking Farmer

An agricultural producer who has no control over the prices of the products they sell and must accept the prevailing market prices.

Corn Output

The total amount of corn produced, often considered in agricultural and economic studies regarding productivity and market supply.