Multiple Choice
What is the minimum number of funds to be used by a governmental unit?
A) One; the General Fund
B) Two; the General Fund and one permanent fund
C) As many as necessary to fulfill legal requirements and sound financial administration
D) A & C
Correct Answer:

Verified
Correct Answer:
Verified
Q23: Governmental activities fund statements may use modified
Q32: The Financial Accounting Standards Board sets financial
Q46: GASB and FASB Concept Statements establish accounting
Q49: Which of the following is not an
Q52: The Financial Accounting Standards Board FASB is
Q65: Depreciation on capital assets is included as
Q91: The GASB Concept Statement on Service Efforts
Q93: What basis of accounting would the Enterprise
Q97: What are the fund-basis financial statements for
Q119: Permanent funds can be either a governmental