Solved

In Order for a Fund to Exist, There Must Be

Question 78

Multiple Choice

In order for a fund to exist, there must be:


A) A fiscal entity; assets set aside for a specific purpose
B) A double-entry accounting entity
C) A & B are optional and not required
D) Both A & B are required

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q73: The FASAB has the authority to establish

Q74: Internal Service funds are treated as governmental

Q75: Measurement focus refers to those items, such

Q76: Under the modified accrual basis of accounting,

Q77: GASB standards provide that accounting systems of

Q79: Which of the following statements is false?<br>A)

Q80: Fiduciary funds use the:<br>A) economic resources measurement

Q81: State and local governments may use twelve

Q82: Fund-basis statements are presented for three categories

Q83: Identify the accounting standard setting bodies for