Which of the following statements or schedules is most likely to be prepared by a government as an interim financial report?
A) A government-wide statement of activities.
B) A governmental funds balance sheet.
C) A schedule of budgeted and actual expenditures.
D) A schedule of cash flows for governmental funds.

Question

Quizplus · Accepted Answer

A schedule of budgeted and actual expenditures would be the most likely interim financial report prepared by a government as it provides information on actual spending compared to budgeted amounts over a specific period. The other options are more comprehensive financial statements that cover a longer period of time and require more time to prepare.

Which of the Following Statements or Schedules Is Most Likely