Which of the Following Are Included in the GASB Standards

question 1

Multiple Choice

Which of the following are included in the GASB standards budgetary principle?

• A) Accounting systems should provide the basis for appropriate budgetary control.
• B) Annual budgets should be adopted by every governmental unit.
• C) Budgetary comparisons should be included in the appropriate financial statements.
• D) All of the above

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Tariff Revenue

The income earned by a government from imposing taxes on imported goods.

Import Quota

An import quota is a government-imposed limit on the quantity or value of goods that can be imported into a country.

Regional Trading Bloc

A group of countries within a geographical region that protect themselves from imports from non-members through tariffs and quotas.