Which of the Following Statements Is True Concerning Accounting and Financial

question 42

Multiple Choice

Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions?

• A) Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund.
• B) Most capital lease transactions related to governmental funds are accounted for in either the General Fund or a Debt Service Fund.
• C) Capital Project Funds may be used only for acquisition or construction of major capital facilities.
• D) Most capital projects last only for on fiscal year.

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Definitions:

Chunking

A strategy for improving memory by organizing items into conceptually manageable and meaningful groups or “chunks.”

Engram

The hypothetical physical unit of storage of a memory in the brain.

Limbic System

A group of interconnected structures in the brain involved in emotions, motivation, behavior, and various autonomic functions.

Cerebral Cortex

The outer layer of the cerebrum, playing a key role in memory, attention, perception, awareness, thought, language, and consciousness.