Which of the following is True regarding other financing sources and other financing uses?
A) Both must be reported separately from revenues and expenditures in the statement of revenues, expenditures, and changes in fund balances.
B) These terms are used to distinguish program revenues or expenses from general revenues or expenses.
C) These terms are used for minor revenue or expenditure items that are peripheral to the government's mission.
D) Other financing sources are equivalent to gains and other financing uses are equivalent to losses.

Question

Quizplus · Accepted Answer

Other financing sources and other financing uses are typically significant items that are separate from revenues and expenditures in the statement of revenues, expenditures, and changes in fund balances. They represent inflows or outflows of resources that do not stem from operating activities. As such, they are reported separately from revenues and expenditures.

Which of the Following Is True Regarding Other Financing Sources