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:

Methylcyclohexane

A saturated hydrocarbon with the formula C7H14, characterized by a methyl group attached to a cyclohexane ring, used as a solvent and in organic synthesis.

Cycloheptane

A cyclic alkane with the molecular formula C7H14, consisting of a ring of seven carbon atoms.

Phenol

An aromatic organic compound with the formula C6H5OH, used as an antiseptic and a raw material in the synthesis of plastics.

Molecular Formula

A notation used in chemistry to show the types and numbers of atoms combined in a single molecule of a chemical compound.