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In state and local governmental accounting, the emphasis of governmental funds is on a) generating income...

In state and local governmental accounting, the emphasis of governmental funds is on

a) generating income from funds employed

b) total assets owned by the governmental entity

c) the flow of funds through the income statement

d) expenditures made from an individual fund

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Answer #1

Answer-The correct option is-c)-the flow of funds through the income statement

Explanation:-

The primary emphasis in governmental fund accounting is to measure and report on managements stewardship of the financial resources committed to the objectives of the governmental unit. Accountability for the flow of financial resources is a chief objective of governmental accounting. The managers of the governmental unit must be able to show that they are in compliance with the many legal regulations governing its operations.

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