All budgets, whether national, regional, or local, should be tied to specific objectives. All government revenue
raising and spending should fall into one of the following objectives given below please choose the correct
option:
General Funds are the chief operating fund for a government is called the general fund, where as Special
Revenue Funds are the funds that are used when the revenue sources are earmarked for a specific purpose
(special tax or grant requirement);
The term _________ refers to the audit procedures deemed necessary in the circumstances to achieve the
objective of the audit. The procedures required to conduct an audit in accordance with _________ should be
determined by the auditor having regard to the requirements of ISAs, relevant professional bodies, legislation,
and regulations: