A Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget

question 23

Multiple Choice

A statement of revenues, expenditures, and changes in fund balances-budget and actual is:

• A) Required by GAAP for the General Fund, special revenue funds, and all other governmental fund types for which an annual budget has been adopted.
• B) Required by GAAP for internal management reports only; not permitted for external financial reporting.
• C) Required by GAAP for all governmental fund types.
• D) Optional under GAAP, as long as a budgetary comparison schedule is presented.

---

Definitions:

Displacement

In psychology, a defense mechanism where negative feelings or desires are transferred from the original source to a more acceptable or less threatening target.

File Folders

Office supplies used to hold papers together, typically made of thick paper or plastic, designed for organizing documents.

Defence Mechanism

Psychological strategies used unconsciously by individuals to protect themselves from anxiety or guilt by denying or distorting reality.

Identification

A psychological process whereby the subject assimilates an aspect, property, or attribute of the other and is transformed, wholly or partially, by the model the other provides.