Which of the Following Are Government-Wide Financial Statements Required by GASB

question 12

Multiple Choice

Which of the following are government-wide financial statements required by GASB standards?

• A) Statement of net position and statement of cash flows.
• B) Statement of net position, statement of activities, and statement of cash flows.
• C) Statement of net position and statement of activities.
• D) Statement of activities and statement of cash flows.

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Definitions:

Benefits Tax

A taxation principle where taxes are levied according to the benefits received by the taxpayer.

Proportional

Characterized by a constant ratio or relation in degree or number between two or more quantities; directly comparative in size, degree, or amount.

Progressive

Pertaining to a tax system where the tax rate increases as the taxable base amount increases, often aimed at ensuring fairness in taxation.

Progressive

A political and social philosophy advocating for reforms and changes that aim towards greater equality and the improvement of public welfare.