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 separate from revenues and expenditures and must be reported separately in the statement of revenues, expenditures, and changes in fund balances. They represent non-operating revenues and expenditures, such as transfers in and out, proceeds from debt issuances, and repayments of debt.

Which of the Following Is True Regarding Other Financing Sources