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:

Amps

Short for amperes, a unit of measure for electrical current strength.

Starter Control Circuit

An electrical circuit that controls the operation of the vehicle's starter motor.

Ignition Switch

A device in a vehicle that initiates the engine's operation by connecting the electrical circuit to start the engine.

Ballast Resistor

A passive electronic component used to limit the amount of current in an electrical circuit.