A Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget

question 23

Multiple Choice

A statement of revenues, expenditures, and changes in fund balances-budget and actual is:

• A) Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.
• B) Required by GAAP for internal management reports only; not permitted for external financial reporting.
• C) Required by GAAP for all governmental fund types.
• D) Optional under GAAP, as long as a budgetary comparison schedule is presented.

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Definitions:

Checking Account

A bank account that allows the account holder to withdraw funds, write checks, and make electronic transactions.

Via The Internet

The process or method of accessing information or services using the internet.

Traveler's Checks

Preprinted, fixed-amount checks designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.

Deposit Slip

A slip accompanying a bank deposit and containing an itemized list of checks or cash deposited, the date, and the depositor’s signature.