Which of the Following Is Correct with Respect to Internal

question 88

Multiple Choice

Which of the following is correct with respect to Internal Service Funds?

• A) Internal service funds use accrual accounting and the economic resource measurement focus
• B) Net Assets (fund equity) are to be reported in two categories: assigned and unassigned
• C) Internal service funds account for long-term debt but not capital assets
• D) All of the above are false statements

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Definitions:

True Statements

Assertions or claims that are based on facts and can be verified as accurate.

Federal Parliament

The national legislative body in a federal system of government, with powers to enact laws for the entire country.

Provincial Legislatures

The law-making bodies in each of Canada's provinces, responsible for passing laws and regulations within provincial jurisdiction.

Constitution Act, 1867

A foundational statute that established Canada's federal structure of government and the division of powers between the federal and provincial levels.