In Converting from the Modified Accrual Basis of Accounting Information

question 7

True/False

In converting from the modified accrual basis of accounting information in a governmental fund to accrual basis for the government-wide statements,capital assets acquired by a governmental fund are deducted from fund balance-governmental funds to arrive at net position of governmental activities.

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Definitions:

Voluntarily Assented

The act of giving consent or agreement freely and without coercion.

E-contract

A contract that is created, signed, and maintained in electronic form, often over the internet.

Offer's Terms

Specific conditions and details outlined in a proposal or bid which must be accepted in full for an agreement to be formed.

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