Which of the Following Statements Is NOT Correct

question 100

Multiple Choice

Which of the following statements is NOT correct?

• A) Assigned resources differ from committed in that assigned resources require a formal action by the governing body of the government.
• B) Resources in the General Fund may be assigned to a specific purpose if that is the intent of the government.
• C) Governments should not report assigned fund balance amounts if the assignment for specific purpose results in a negative unassigned fund balance.
• D) Rainy day amounts that are available "in emergencies" or in periods of "revenue shortfalls" would not be classified as committed unless the emergency or shortfall condition is specified and of a magnitude to distinguish it from events that occur routinely.

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Definitions:

Product Labeling

The practice of attaching information to products to inform consumers about its use, manufacturer, ingredients, etc.

Flammable Fabrics Act of 1953

A federal law enacted to regulate the manufacture and sale of highly flammable clothing, textiles, and related materials to ensure public safety.

Children's Clothing

Apparel specifically designed and manufactured for children, encompassing various sizes, styles, and functions.

Fair Debt Collection Practices Act

A U.S. federal law that aims to protect consumers from abusive, deceptive, and unfair debt collection practices.