Which of the Following Statements Is Not True About the United

question 65

Multiple Choice

Which of the following statements is not True about the United States government-wide financial report?

• A) Since 1997, the financial statements of the U.S. government as a whole have been audited by the GAO.
• B) The majority of the 24 major federal agencies required to be audited have received unmodified audit opinions by the GAO.
• C) The Comptroller General of the United States has rendered a disclaimer of opinion on the U.S. Government's consolidated financial statements for as long as that office has audited these statements.
• D) The federal government received an unmodified opinion from the GAO on the most recent financial statements of the U.S. government as a whole.

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Definitions:

Direct Materials

Raw materials and components that are directly used in the production of a product, which can be easily traced and assigned to specific goods.

Direct Labor Costs

Expenses associated with employees who are directly involved in the production of goods or services.

Factory Overhead Account

An account that accumulates all indirect costs associated with manufacturing operations, not directly tied to specific units.

Factory Overhead

All indirect costs associated with manufacturing, including utilities, maintenance, and management salaries, not directly tied to the production of goods.