Identify the correct option out of the given statements.

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Chapter 12, Problem 24P

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Identify the correct option out of the given statements.

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Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income. General revenues are broken down by type; program revenues are reported as a single figure for the government.

Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.

In the statement of activities,a. all expenses are subtracted from all revenues to get net income.b. the net program expense (revenue) for major functions and programs of the primary government and its component units are presented before general revenues.c. tax revenues designed to benefit the whole government are considered program revenues.d. extraordinary items are those that are either unusual in nature or infrequent in occurrence.