Which Statement Is Not Correct

question 1

Multiple Choice

Which statement is not correct?

• A) Governmental funds account for expenditures of financial resources rather than matching revenues and expenses.
• B) The Encumbrances Outstanding account should be reversed and closed at the end of a fiscal year.
• C) Revenues from licenses and permit fees are recognized when received in cash if using the modified accrual basis of accounting for governmental funds.
• D) A fund is an independent accounting entity composed of cash and other financial resources, segregated for the purpose of carrying on specific activities and objectives.
• E) Commitments for purchase orders are recorded as expenses.

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Definitions:

Scannable Resumé

A resume format designed to be easily read by applicant tracking systems, using simple fonts and layouts.

Initial Screening

The preliminary phase of evaluation, often used in hiring processes, to determine whether applicants meet the basic requirements for a position.

Summary Statement

A concise explanation or overview of a larger document, presentation, or piece of information.

Honours And Awards

Recognitions given to individuals or groups for their achievements, contributions, or excellence in a specific field.