Generally Accepted Accounting Principles Applicable to State and Local Governments

question 49

Multiple Choice

Generally accepted accounting principles applicable to state and local governments require that

• A) Only governmental funds and proprietary funds should be established.
• B) Only those funds required by law,GASB standards,and sound financial administration should be established.
• C) Only those funds required by law should be established.
• D) All categories of funds must be established.

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Definitions:

Jobs

Positions of employment where individuals perform specific tasks in exchange for compensation.

Enlarged Job

A concept referring to the expansion or increase in the scope and responsibilities of a particular job role.

Job Enriched

A job design technique that aims to increase employee satisfaction by giving them more responsibilities and opportunities to make decisions.

Responsibility

The obligation to perform duties or tasks correctly and being accountable for the outcomes.