Whether or Not to Declare a Fund as Being Major

question 20

Multiple Choice

Whether or not to declare a fund as being major is not optional for

• A) The General Fund.
• B) A Capital Projects Fund.
• C) Debt Service Fund.
• D) Enterprise Fund.

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Definitions:

Depreciated Value

The reduced worth of an asset over time due to wear and tear, obsolescence, or market conditions.

Corporation

A legal entity that is distinct from its owners, offering limited liability and the ability to raise capital by selling shares.

Sole Proprietorship

A type of enterprise owned and operated by one person, where there is no legal distinction between the owner and the business operation.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction.