In Order to Convert the Governmental Fund Statement of Revenues

question 23

Multiple Choice

In order to convert the governmental fund statement of revenues, expenditures, and changes in fund balances to a government wide statement of activities, which of the following activities is necessary?
1) Eliminate capital outlay expenditures
2) Reclassify revenues between program revenues and general revenues
3) Record bad debt expenses
4) Convert revenues from the economic flow of resources accrual basis to the current financial resources modified accrual basis

• A)1, 3, 4
• B)1, 2, 3
• C)1, 2, 3, 4
• D)1, 2, 4

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Definitions:

Large Estates

Expansive areas of land, usually encompassing significant homes or mansions, often associated with wealth and aristocracy.

Indentured Servants

Individuals who were bound by contract to serve another person for a specified period of time in exchange for passage to America, training, or other benefits, common in the 17th and 18th centuries.

Fondness for Freedom

A strong preference or affection towards liberty and the right to act, speak, or think as one wants without hindrance or restraint.

Independent Landowners

Individuals who own and manage their land independently, often highlighting their self-reliance and economic autonomy.