The Most Common Difference Between Funds-Based and Government-Wide Financial Statements

question 36

Multiple Choice

The most common difference between funds-based and government-wide financial statements is

• A)​government-wide statements of activities show operating data by function
• B)​government-wide statements of activities use a format that differs from proprietary funds statements of revenues
• C)​interfund payables and receivables must be eliminated in the preparation of the statement of activities
• D)​all of the above

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Definitions:

Emerging Adulthood

a phase of the life span between adolescence and full-fledged adulthood, characterized by exploration and uncertainty.

Static Personality

A concept suggesting that an individual's personality traits remain consistent and unchanged over time.

Intimacy Versus Isolation

A stage in Erik Erikson's psychosocial development theory where adults face the challenge of forming close relationships with others versus experiencing loneliness and isolation.

Erik Erikson

was a developmental psychologist known for his theory on the psychological development of humans, emphasizing the impact of societal interactions across eight stages of life.