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.

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Definitions:

Physical Effort

The exertion of physical energy by an individual, often leading to fatigue.

Peptic Ulcer

A sore that develops on the lining of the stomach, small intestine, or esophagus, often caused by inflammation due to H. pylori bacteria or erosion from stomach acids.

Coping Method

Strategies or techniques used by individuals to manage stress, adversity, or trauma.

Social Support

The perception or reality of being cared for, valued, and part of a network of communication and mutual obligation.