In governmental fund statements revenues are reported by ________ and expenditures are reported by _______ and by _________.
A) Source, character, function
B) Source, source, character
C) Function, character, source
D) Function, function, source

Question

Quizplus · Accepted Answer

In governmental fund statements, revenues are reported by source (where the revenue comes from) and expenditures are reported by both character (the type of goods or services purchased) and function (the purpose for which the expenditure was made). This method of reporting provides users of the financial statements with a more comprehensive understanding of where the money is coming from and how it is being spent.

In Governmental Fund Statements Revenues Are Reported by ________ and Expenditures