Generally Accepted Accounting Principles Applicable to State and Local Governments

question 29

Multiple Choice

Generally accepted accounting principles applicable to state and local governments require that

• A) Only governmental funds and proprietary funds should be established.
• B) Only those funds required by law, GASB standards, and sound financial administration should be established.
• C) Only those funds required by law and sound financial administration should be established.
• D) All categories of funds must be established.

Analyze the significance of race and ethnicity in societal stratification and individual identity formation.

Distinguish between various forms of ethnic identification and the factors influencing their adoption.

Describe the process and implications of changing racial and ethnic labels.

Understand the impact of immigration policies and attitudes on racial and ethnic groups in Canada.

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Definitions:

Accrued Salaries

This refers to wages that have been earned by employees but have not yet been paid by the company.

Revenue Journal

A specialized accounting journal used to record the sales of goods and services and revenue generated.

Accounts Receivable

This term represents money owed to a business by its clients for goods or services delivered but not yet paid for.

Controlling Account

A general ledger account that summarizes the total amounts listed in a subsidiary ledger.