According to GASB Standards, Which of the Following Is Not

question 82

Multiple Choice

According to GASB standards, which of the following is not classified as a budgetary account?

• A) Encumbrances.
• B) Encumbrances Outstanding.
• C) Estimated Revenues.
• D) Appropriations.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income.

Direct Expenses

Costs that can be directly attributed to a specific product, service, or project, such as raw materials and labor.

Net Loss

A net loss occurs when a company's total expenses exceed its total revenues during a specific accounting period, indicating a negative financial performance.

Export Cost

Expenses associated with sending goods or services to another country for sale or trade.