The Reconciliation(s)that Are Required to Be Presented on the Face

question 25

Multiple Choice

The reconciliation(s) that are required to be presented on the face of the governmental fund financial statements or in separate schedule immediately after the fund financial statements include:

• A) Reconciliation from the governmental fund Balance Sheet to the Statement of Net Assets.
• B) Reconciliation from the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities.
• C) Both A & B
• D) No reconciliations are required to be submitted.

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Definitions:

Variances

Differences between planned figures and actual performance or results, often analyzed in budgets and standard costing.

Production Costs

The total cost incurred by a company to manufacture a product or offer a service, including raw materials, labor, and overhead expenses.

Management

The method of strategizing, structuring, guiding, and managing resources to accomplish particular objectives.

Flexible Budgets

A financial plan that varies in response to changes in the amount of operations or activity.