The Net Position of an Internal Service Fund Is Classified

question 54

True/False

The net position of an internal service fund is classified as nonspendable, restricted, committed, assigned, and unassigned.

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Definitions:

Capacity To Contract

The legal ability of a party to enter into a contract, typically requiring that the person is of legal age and sound mind.

Oral Contract

A verbal agreement between parties that is legally binding, though harder to prove than written contracts.

Professional Consultation

The process of seeking expert advice in a specific field or industry from a qualified individual or organization.

Breach Of Contract

Breach of Contract occurs when one party fails to fulfill their obligations under the contract, allowing the other party to seek damages or enforcement.