Which of the Following Characteristics Are Emphasized in the Accounting

question 24

Multiple Choice

Which of the following characteristics are emphasized in the accounting for state and local government entities?
I.Revenues should be matched with expenditures to measure success or failure of the government entity.
II.There is an emphasis on expendability of resources to accomplish objectives of the governmental entity.

• A)I only
• B)II only
• C)I and II
• D)Neither I nor II

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Definitions:

Purchased

Refers to the action of buying goods or services in exchange for money or its equivalent.

World Price

The international market price of a good or service, determined by global supply and demand, which affects domestic pricing and trade policies.

United States

A North American nation consisting of 50 states, one federal district, five main autonomous territories, and multiple possessions.

Imported

Products or services that are imported from one country into another for the purpose of being sold or utilized.