Which of the Following Statements Is Correct with Respect to GASB

question 46

Multiple Choice

Which of the following statements is correct with respect to GASB Statement No.54 regarding committed funds?

• A) Committed funds are those that are designated as committed through ordinance or resolution by the government's highest level of authority.
• B) These constraints are easily changed by administrators.
• C) This is constraint is imposed by law and may not be changed without amendment of the law.
• D) Committed funds may be redesignated to uncommitted in the event of a budget shortfall.

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Definitions:

Indicated

Suggested as necessary or appropriate; denoted or signaled.

Hidden

Concealed, not visible or apparent.

Overregularization

The application of regular grammatical rules (e.g., to create past tense and plurals) to irregular verbs and nouns.

Grammatical Rules

The structured guidelines that govern the composition of clauses, phrases, and words in any given natural language.