Which of the Following Funds Would Use the Accrual Basis

question 30

Multiple Choice

Which of the following funds would use the accrual basis of accounting in preparing its fund financial statements?

• A)City General Fund.
• B)City Hall Capital Project Fund.
• C)City Motor Pool Internal Service Fund.
• D)None of the above.

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Definitions:

Open-End Credit Plan

A revolving line of credit that allows a borrower to make purchases or obtain loans up to a certain limit and repay part or all of the balance over time, with interest charges on the unpaid balance.

Credit Card Issuer

The financial institution or entity that provides a credit card to consumers, extending credit for purchases and cash advances.

FCRA

Stands for the Fair Credit Reporting Act, a federal law designed to ensure the accuracy, fairness, and privacy of information in consumer credit bureau files.

Criminal Penalties

Sanctions or punishments imposed by a court upon individuals or entities found guilty of committing a crime.