The Accounting System Used by a State or Local Government

question 8

Multiple Choice

The accounting system used by a state or local government must make it possible

• A) To present fairly the financial position and results of financial operations of the government as a whole,as well as fund financial activity in conformity with GAAP.
• B) To prepare financial statements as required by the Financial Accounting Standards Board.
• C) To prepare consolidated accrual basis statements for the government as a whole.
• D) To provide Web-based bond offering statements to investment firms.

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Definitions:

Quorum

The minimum number of members needed to be present at a meeting to make the proceedings of that meeting valid.

Substantial Portion

Refers to a significant part or quantity of something, usually in comparison to the whole.

Corporate Assets

Resources owned by a corporation that have economic value and can be used to meet debts, commitments, or investments.

Articles Of Incorporation

These are formal documents filed with a governmental body to legally document the creation of a corporation.