The Accounting System Used by a State or Local Government

question 10

Multiple Choice

The accounting system used by a state or local government must make it possible

• A)To present fairly the financial position and results of financial operations of the government as a whole,as well as fund financial activity in conformity with GAAP,and to demonstrate compliance with finance-related legal and contractual provisions.
• B)To prepare financial statements as required by the Financial Accounting Standards Board.
• C)To prepare consolidated accrual basis statements for the government as a whole.
• D)To provide Web-based bond offering statements to investment firms.

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Definitions:

Staffing

The process of hiring and assigning appropriate staff to positions or projects within an organization.

Reimbursement

The process of compensating someone for an out-of-pocket expense by giving them an exact amount of money.

Medicare

A federal health insurance program in the United States primarily for individuals who are 65 years of age and older, as well as for some younger people with disabilities.

Medicaid

A joint federal and state program that helps with medical costs for some people with limited income and resources.