Governmental funds include:
A) Special revenue funds
B) Internal service funds
C) Debt service funds
D) A and C

Question

Quizplus · Accepted Answer

Governmental funds include special revenue funds, which are used to account for specific revenue sources that are legally restricted to certain purposes or programs, and debt service funds, which are used to account for the repayment of principal and interest on long-term debt. Internal service funds, on the other hand, are used to account for services provided by one department or entity within a government to other departments or entities within the same government. Therefore, A and C are the correct choices.

Governmental Funds Include