Multiple Choice
The general fund classified under governmental funds…
A) Accounts for resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry.
B) Accounts for most of the basic services provided by the governmental unit.
C) Accounts for financial resources intended for major capital projects
D) Accounts for services provided by one department of a government to another
Correct Answer:
Verified
Correct Answer:
Verified
Q51: The GASB sets accounting standards for all
Q52: The Financial Accounting Standards Board FASB is
Q53: The only objective of the Governmental Accounting
Q54: Governmental funds include:<br>A) Special revenue funds<br>B) Internal
Q55: The GASB does not require supplementary information
Q57: A city government collects local sales taxes
Q58: FASAB, GASB and FASB standards are set
Q59: An organization is presumed to be governmental
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Q61: What is the difference between recording an