When Converting from Fund Basis Reporting to Government-Wide Reporting, Which

question 22

Multiple Choice

When converting from fund basis reporting to government-wide reporting, which of the following would require an adjustment?

• A) Property taxes expected to be collected 61-90 days after the end of the fiscal year.
• B) A state grant received as reimbursement for a summer jobs program.
• C) Sales tax collected for sales from the current year.
• D) Receipt of advance funding on a grant.

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Definitions:

Multinational

A corporation that operates in multiple countries, managing production or delivering services in more than one country.

World Economic Forum

An international organization that brings together political, business, and other leaders to shape global, regional, and industry agendas.

Davos Man

A term referring to the global elite of wealthy and powerful individuals who are believed to attend the World Economic Forum in Davos, Switzerland, impacting global policies.

Elitist

Describing an attitude or belief that some individuals or groups, considered to be superior in intellect, heritage, or social status, should lead or have more influence.