Which of the Following Is Not True Regarding Permanent Funds

question 94

Multiple Choice

Which of the following is not true regarding permanent funds?

• A) Permanent funds are considered governmental funds.
• B) Permanent funds are appropriate when a gift must be invested and the proceeds used to benefit individuals or organizations.
• C) Permanent funds use the current financial resources measurement focus and modified accrual basis of accounting.
• D) Major permanent funds would be reported in the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances.

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