Which of the Following Statements Is Incorrect with Respect to the Reconciliation

question 67

Multiple Choice

Which of the following statements is incorrect with respect to the Reconciliation of Net Operating Cost and Unified Budget Deficit Statement?

• A) The purpose of the statement is to reconcile the net operating result revenue or cost) from the Statement of Operations and Changes in Net Position with the cash-based federal budget.
• B) The statement is similar to the reconciliation of the Statement of Activities to the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance required by state and local governments.
• C) The Statement of Changes in Cash Balance from Unified Budget and Other Activities shows the relationship between the cash-based budget deficit and the change in the federal government's operating cash balance.
• D) All of the above statements are correct.

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Definitions:

Social Security Administration

A U.S. government agency that administers social programs covering disability, retirement, and survivors' benefits, among others.

W-2

A W-2 form is a tax document issued by employers in the United States to employees, indicating the amount of wages paid and taxes withheld during the year.

W-3

A tax form used in the United States to summarize the total wages paid and taxes withheld for employees to the Social Security Administration.

Federal Unemployment Tax Return

A tax return specifically for reporting the amount of federal unemployment tax a business is responsible for paying, related to the wages paid to employees.