Multiple Choice
Which of the following statements is not true with respect to GASB Statement No.54 regarding restricted fund balances?
A) Restricted funds are those that are subject to constraints imposed by external parties or by law.
B) Restricted fund balance can result from legally enforceable requirements that resources be used only for specific purpose.
C) Restricted funds are the result of a self-imposed constraint by a government upon itself.
D) All of the above are correct
Correct Answer:
Verified
Correct Answer:
Verified
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