Which of the Following Is True Regarding Other Financing Sources

question 18

Multiple Choice

Which of the following is true regarding other financing sources and other financing uses?

• A) Both must be reported separately from revenues and expenditures in the statement of revenues,expenditures,and changes in fund balances.
• B) These terms are used to distinguish program revenues or expenses from general revenues or expenses.
• C) These terms are used for minor revenue or expenditure items that are peripheral to the government's mission.
• D) Other financing sources are equivalent to gains and other financing uses are equivalent to losses.

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Definitions:

Expenditures

Payments or outlays of money to cover costs or expenses.

Salaries

Periodic payments made to employees, usually on a monthly or biweekly basis, in return for labor services performed.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of the economy's size and how it's growing over time.

Nominal GDP

The market value of all final goods and services produced within a country in a year, measured in current prices without adjusting for inflation.