What basis of accounting is used to account for transactions of a government permanent fund?
A) Full accrual basis of accounting.
B) Modified accrual basis of accounting.
C) Cash basis of accounting.
D) Budgetary basis of accounting.
Use the following information to answer #9-#12
Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks.During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund.
Correct Answer:
Verified
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Q25: Permanent funds are classified as
A) Governmental funds.
B)
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