Special Revenue Funds Are Used If the Resources Are Required

question 55

True/False

Special revenue funds are used if the resources are required to be used to acquire capital assets or for the payment of interest and principal on long-term debt.

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Definitions:

Firm Offer

A legally binding proposal in contract law, ensuring the offer remains open for a specified time without the need for consideration.

Irrevocability

The quality of being irreversible or unchangeable, often used in legal contexts to describe contracts or decisions that cannot be revoked or undone.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other party's performance, becoming binding once performance is completed.

Bilateral Promise

An agreement in which two parties make commitments to perform certain actions or obligations to one another.