What Is the Minimum Level of Detail Required for Expenditures

question 8

Multiple Choice

What is the minimum level of detail required for expenditures presented in the governmental fund statement of revenues,expenditures,and changes in fund balance?

• A)Program and object.
• B)Function and character.
• C)Program and department.
• D)Character and object.

---

Definitions:

Principal

The original sum of money borrowed in a loan, or the amount of the investment that is actually made.

Total Liabilities

The sum of all debts and financial obligations a company owes to outside parties, including loans, accounts payable, and bonds payable.

Owner's Equity

Indicates the total net worth of a company attributable to the owner or shareholders, reflecting the equity capital and retained earnings.

Notes Payable

A written promise to pay a specific sum of money to a person or entity at a future date, categorized as a liability on the balance sheet.