Governmental Fund-Basis Statements Are Prepared Using The________, and Must Be

question 134

Multiple Choice

Governmental fund-basis statements are prepared using the________, and must be converted to the ________ to be incorporated in the government-wide statements.

• A) Accrual basis, modified accrual basis.
• B) Accrual basis, tax basis.
• C) Cash basis, accrual basis.
• D) Modified accrual basis, accrual basis.

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Definitions:

Worst-case Scenario

The most severe or unfavorable outcome imaginable in a given situation.

Flow Experience

Total absorption in work; when flow occurs, things seem to go just right

Perfectionism

A personality trait characterized by a person's striving for flawlessness and setting excessively high performance standards.

Worst-case Scenario

The most severe or undesirable outcome that could possibly occur in a situation.