Multiple Choice
Which of the following is true regarding accounting for investments of permanent funds?
A) Investments with determinable fair values must be reported at fair value.
B) Gains and losses on investments would not be reported in the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances until realized by sale.
C) Both of the above are true.
D) Neither of the above is true.
Correct Answer:
Verified
Correct Answer:
Verified
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