The Fund Basis Statements for Governmental Funds Are Presented Using

question 113

Multiple Choice

The fund basis statements for governmental funds are presented using the

• A) Economic Resources Measurement focus and the Accrual Basis of Accounting.
• B) Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting.
• C) Current Financial Resources Measurement focus and the Accrual Basis of Accounting.
• D) Economic Resources Measurement focus and the Modified Accrual Basis of Accounting.

---

Definitions:

Price Variance

The difference between the actual cost of a good or service and its expected cost, often used in budgeting and financial analysis.

Materials Price Variance

The difference between the actual cost of direct materials and the standard cost, used in variance analysis.

Materials Quantity Variance

The difference between the actual quantity of materials used in production and the expected amount, which can impact the cost of goods sold.

Material J

Material J refers to a specific category or type of raw material or input identified with the letter "J" used in manufacturing or production processes.