Which of the Following Financial Statements Is Not Required by OMB

question 57

Multiple Choice

Which of the following financial statements is not required by OMB Circular A-136?

• A) Statement of budgetary resources.
• B) Statement of cash flows.
• C) Balance sheet.
• D) Statement of changes in net position.

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Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operating expenses, are subtracted from total revenue.

Break-Even Point

The point at which the amount produced or sold results in total income matching total costs, leading to neither a profit nor a loss.

Net Loss

The amount by which expenses exceed revenues over a specific period, indicating a negative financial performance.

Target Profits

The specific amount of net income a company aims to achieve within a certain time frame.