The Terms Used for Classification of Items on the Statement

question 136

Multiple Choice

The terms used for classification of items on the Statement of Changes in Fiduciary Net Position are:

• A) Revenues and Expenses.
• B) Additions and Deductions.
• C) Revenues and Expenditures.
• D) Contributions and Expenses.

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Definitions:

Civil Liability

The responsibility to compensate for wrongs or damages caused by one’s actions or negligence to another party, as governed by civil law.

Implied Agreement

An unwritten contract that is assumed to exist based on the actions and circumstances of the parties involved.

Competent and Professional

Having the necessary ability, knowledge, and skill to perform tasks or duties effectively and with a degree of quality expected by one's profession.

Liability

Legal responsibility for one's actions or the obligation to make restitution for loss or damage.