GASB Requires ________ Method(s)for the Cash Flow Statement for Proprietary

question 13

Multiple Choice

GASB requires ________ method(s) for the cash flow statement for proprietary funds.

• A)the reconciliation
• B)the indirect
• C)the direct
• D)either the direct or indirect

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Definitions:

Exemptions

Specific deductions allowed by tax regulations that reduce taxable income, often related to dependents or types of income.

Net Check

Net check is the amount of money an employee receives after all deductions, such as taxes and health insurance, have been subtracted from the gross pay.

Payroll Tax Liability

The obligation of an employer to withhold and pay taxes to the government based on the wages and salaries paid to employees.

Form 941-V

A specific tax form used when making a payment together with Form 941, which is the Employer's Quarterly Federal Tax Return.