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.

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Definitions:

Hispanics

A term referring to people, cultures, or countries related to Spain, Spanish language, culture, or people, especially those living in the United States with origins in Spanish-speaking countries.

Living in Poverty

A condition where individuals or families do not have sufficient financial resources to meet basic needs such as food, housing, and healthcare.

Unattached Individual

A person who is not part of a family unit or household, often used in social and economic statistical analyses.

Alcoholics Anonymous

Alcoholics Anonymous is an international fellowship of individuals who have a drinking problem, offering mutual support to recover from alcoholism through a 12-step program.