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Problem 1: Outsider or stakeholder involvement occurs predominantly during the ______________part of the budget cycle.
a. preparation
b. submission/approval
c. implementation
d. audit and evaluation
e. b and d
Problem 2: When the federal government seeks to stimulate economic growth by increasing government spending and/or cutting taxes, the government is practicing
a. Fiscal policy
b. Monetary policy
c. Recessionary budget making
d. Political grandstanding
e. None of the above
Problem 3: A financial audit is completed during the implementation stage of the budget cycle.
True
False
Problem 4: Most revenue collected by governments comes from taxes.
Prepare Statement of Comprehensive Income for the year ended 30 June 2020 in accordance with relevant accounting standards.
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