Which of the Following Is the Basic Governmental Fund Accounting

question 37

Multiple Choice

Which of the following is the basic governmental fund accounting equation?

• A) Assets - Liabilities = Net Assets.
• B) Financial Assets - Related Liabilities = Fund Balance.
• C) Financial Assets + Deferred Outflows - Related Liabilities - Deferred Inflows = Fund Balance.
• D) Assets + Deferred Inflows - Liabilities - Deferred Outflows = Net Position

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Definitions:

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