Which of the following terms best describes the types of assets accounted for in governmental-type funds?
A)any resource that can be used to provide service to the citizenry
B)financial assets and capital assets
C)current assets and movable fixed assets
D)financial assets

Question

Quizplus · Accepted Answer

Governmental-type funds focus on financial assets, which include cash, receivables, and other resources that can be converted to cash, rather than capital assets or long-term liabilities.

Which of the Following Terms Best Describes the Types of Assets