Which of the following statements is false?
A) All of the governmental funds use the modified accrual basis of accounting
B) Debt service funds are required to report accrued interest payable as current liabilities.
C) General fixed assets that are acquired with governmental fund resources are recorded as expenditures in the governmental funds but are displayed as capital assets in the governmental-wide financial statements
D) Permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry
Correct Answer:
Verified
Q66: With respect to Capital Projects Funds, which
Q67: When taxes and/or special assessments are levied
Q69: With respect to Permanent Funds,which of the
Q69: Which of the following statements is true?
A)
Q71: Which of the following statements is false?
A)
Q73: An encumbrance in a capital project fund
Q74: Which of the following is a major
Q74: Encumbrance accounting is only typically used for
A)
Q75: When a government acquires general fixed assets
Q76: Budgets are typically recorded for which of
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