An Account Consists of

question 158

Multiple Choice

An account consists of

• A) one part.
• B) two parts.
• C) three parts.
• D) four parts.

---

Definitions:

Governmental Fund

A type of fund used by governmental entities to account for revenues, expenditures, and balances that are not accounted for in proprietary or fiduciary funds.

Bonds Payable

A liability account that represents the amounts owed by an entity to bondholders that must be repaid at a future date.

Governmental Fund Financial Statements

These are financial statements that report on the fiscal condition and the results of operations for governmental funds of a state, municipality, or similar entity.