Which of the Following Statements Is Correct

question 27

Multiple Choice

Which of the following statements is correct?

• A) Because federal entities have both budgetary and financial reporting requirements, a dual-track accounting system is employed using budgetary and fiduciary accounts.
• B) The Statement of Budgetary Resources is optional. It is prepared using the budgetary basis and provides information on the status of budgetary resources.
• C) The AICPA establishes the accounting and reporting standards for the U.S. government overall and for federal agencies and departments.
• D) The AICPA's Code of Professional Conduct recognizes FASAB standards as the highest level of authoritative standard for federal government agencies.

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Definitions:

Word-processing Software

Computer software designed to create, edit, format, and print written documents.

Total Revenue

The total amount of income generated by the sale of goods or services related to a company's primary operations.

Fashion Retailer

A business that sells clothes, accessories, and sometimes footwear, typically specializing in current fashion trends and styles.

Outlets

Points from which goods are sold or distributed; also refers to ways in which energy or emotions can be expressed.