GASB Requires Which of the Following to Be Reported Separately

question 81

Multiple Choice

GASB requires which of the following to be reported separately after other financing sources and uses in the Statement of Revenues, Expenditures, and Changes in Fund Balance?

• A) Special items.
• B) Extraordinary items.
• C) Interfund transfers.
• D) A and B

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Definitions:

Depletion

Amount of natural resources that has been exhausted by mining, pumping, and so forth for a period of time.

Patent

A legal right granted by the government to an inventor, giving them exclusive rights to make, use, sell, and import an invention for a certain period of time.

Amortization Expense

An operating expense on the income statement relating to intangible assets.

Ordinary Maintenance

Ordinary maintenance refers to the routine tasks and repairs carried out regularly to keep equipment or buildings in working condition.