All of These Are Current Differences Between Government Finance Statistics

question 3

Multiple Choice

All of these are current differences between Government Finance Statistics (GFS) and Generally Accepted Accounting Principles (GAAP) reporting,except:

• A) GPS has two performance statements whereas GAAP has only one statement of financial performance
• B) GPS requires all borrowing costs to be recognised as expenses whereas GAAP, in some circumstances, allows them to be capitalised
• C) GFS only recognises bad debts when they are written off and does not recognise expenses arising from establishing a provision for doubtful debts, whereas GAAP recognises expenses arising from establishing a provision for doubtful debts
• D) Accrual accounting only applies to GAAP not to GFS

---

Definitions:

Anorexic

Characterized by an eating disorder marked by an obsessive desire to lose weight by refusing to eat.

Unhealthy Relationship

A relationship characterized by negative, harmful behaviors and dynamics, such as manipulation, abuse, or lack of communication, which can detrimentally affect the well-being of the individuals involved.

Different Values

Disparate beliefs or standards held by individuals or groups that influence behaviors and decisions.

Optimal Health Practices

Health behaviors and activities that are performed to achieve the best possible health outcomes.