Multiple Choice
Which of the following is not true regarding permanent funds?
A) Permanent funds are considered governmental funds.
B) Permanent funds use the current financial resources measurement focus and modified accrual basis of accounting.
C) Permanent funds are appropriate when a gift must be invested and the proceeds used to benefit individuals or organizations.
D) Major permanent funds would be reported in the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: Budgets are typically not recorded for Special
Q5: Which of the following is a source
Q6: Positive fund balances of capital projects funds
Q7: What amount would be reported as debt
Q8: The City of Dundee received a gift
Q10: The fund balance of permanent funds should
Q11: In a Statement of Revenues, Expenditures, and
Q12: Capital project funds<br>A) Receive all of their
Q13: Because capital project, debt service and permanent
Q14: Which of the following is true regarding