A city has an Arts and Cultural Fund that is used to account for private contributions that are restricted by the donors for the financing of the city's museum operations and functions.The Arts and Cultural Fund is a:

Question

Quizplus · Accepted Answer

The Arts and Cultural Fund is restricted for a specific purpose, which is the financing of the city's museum operations and functions. Therefore, it meets the criteria of a Special Revenue Fund, which is used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects.

A City Has an Arts and Cultural Fund That Is