Which of the Following Is True Regarding the Governmental Fund

question 17

Multiple Choice

Which of the following is true regarding the governmental fund financial statements?

• A) The governmental fund financial statements include the Balance Sheet, and the Statement of Revenues, Expenditures, and Changes in Fund Balances.
• B) The governmental fund financial statements are prepared on the current financial resources measurement focus and modified accrual basis of accounting.
• C) The governmental fund Balance Sheet reflects the difference of assets minus liabilities as Fund Balance.
• D) All of the above are true.

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Definitions:

Overhead Volume Variance

The difference between the budgeted overhead costs and the actual costs incurred, due to changes in the level of production or activity.

Fixed Overhead

Fixed Overhead refers to the indirect costs of production that do not vary with the volume of production, such as salaries of managers, rent of factory, and depreciation of equipment.

Standard Cost System

A system of accounting that uses predetermined costs for calculating variances and tracking operational performance.

Job Order Cost System

A cost accounting system in which costs are assigned to each job or batch.