True or False: If Either a or B Must Occur

question 49

True/False

True or False: If either A or B must occur they are called collectively exhaustive.

---

Definitions:

Revenues Recognized

Income that a company has earned during a period but which is recorded in the financial statements according to accounting principles.

Proprietary Fund Types

Funds used by a government to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful.

Fund Financial Statements

Financial reports specifically prepared to show the financial position and results of operations for governmental funds and non-profit organizations.

Special Revenue Fund

A fund used by governments to account for revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.