Which of the Following Statements Appearing in the Federal Government's

question 40

Multiple Choice

Which of the following statements appearing in the federal government's consolidated financial report are not prepared on the accrual basis of accounting?

• A) Balance Sheet
• B) Statement of Changes in Cash Balance from Unified Budget and Other Activities
• C) Both (a) and (b) above
• D) Neither (a) nor (b) above

---

Definitions:

Garnishee

A legal process that allows a creditor to seize the assets of a debtor held by a third party.

Annual Rate

The annual rate is the interest percentage that is charged or earned over the course of a year, often used in the contexts of loans, investments, and savings.

Breach of Contract

The inability to meet a condition of any contract, written or spoken, in the absence of a legal justification.

Federal Court

A court established by the federal government with jurisdiction over disputes involving federal laws, interstate matters, or cases involving parties from different states.