Hannah Township Has a General Fund, Two Capital Projects Funds

question 17

Multiple Choice

Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise Funds, two Internal Service Funds, three Pension Trust Funds, and one Private-Purpose Trust Fund. Assuming all governmental and enterprise funds meet the major fund criteria, how many columns will the proprietary fund statement of net position have?

• A) Two (2).
• B) Three (3).
• C) Four (4).
• D) Five (5).

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Definitions:

Possessing

The act of owning or having certain goods, assets, or properties under one's control.

Leased

Pertains to a contractual agreement where one party, the lessor, grants another party, the lessee, the use of an asset for a specified time in exchange for payment.

Ownership Rights

Legal rights to possess, use, and dispose of assets or properties.

Sell

The act of exchanging a product or service for money or other compensation.