If State Law Requires That Local Governments Prepare General Fund

question 79

Multiple Choice

If state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by GAAP, then the budgetary comparison schedule or statements should

• A) Not be included as part of the basic financial statements.
• B) Be included with the actual figures presented on the budget basis and then reconciled to the GAAP basis.
• C) Be included with budget figures and actual figures adjusted to the GAAP basis.
• D) Be included as part of management's discussion and analysis (MD&A).

Recognize the contribution of e-marketplaces to facilitating real-time exchanges of information, money, products, and services.

Understand the concept of buy classes and their implications on organizational buying behavior.

Recognize different types of purchasing situations, including new buys, straight rebuys, and modified rebuys.

Comprehend the dynamics and benefits of reverse auctions in organizational buying.

---

Definitions:

Productivity

The measure of efficiency in which goods and services are produced, often evaluated by the output per unit of input.

Process Re-engineering

Process re-engineering involves analyzing and redesigning workflow and processes within and between organizations to optimize performance and reduce costs.

Work Processes

The series of tasks, activities, or operations involved in the completion of a job or the production of goods and services within a workplace.

Continuous Improvement

An ongoing effort to improve products, services, or processes by making incremental improvements over time.