A Presidential Emergency Declaration Remains in Force

question 89

Multiple Choice

A presidential emergency declaration remains in force

• A)for only one month unless it is renewed by the president.
• B)for only one year unless it is renewed by the president.
• C)until the Senate votes to rescind it.
• D)until the president chooses to rescind it.

Understand the concepts underpinning governmental accounting standards, including classification and reporting of fund balances.

Grasp the budgeting process within governmental accounting including preparation and amendment of budgets.

Learn about special assessments and accounting for special revenue funds.

Differentiate between intra-activity and interactivity transactions in government-wide financial reporting.

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Definitions:

Present Value

The current worth of a future sum of money, given a specific rate of return or discount rate.

Future Value

The value of an investment or cash at a specified future date, considering the interest rate or rate of return.

Term

A specific period or duration of time during which the conditions of a contract or agreement apply.

Annuity

A financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.