The Following Description Provides the Best Definition for Which Fund

question 34

Multiple Choice

The following description provides the best definition for which fund: Accounts for resources that are legally restricted and both earnings and principal may be used to support government programs.

• A) Capital projects.
• B) Special Revenue.
• C) General Fund.
• D) Permanent.

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Definitions:

Journal Entry

A record in accounting that represents a transaction with debit and credit amounts recorded in the ledger to maintain financial records.

Retail Business

A type of business that sells products directly to consumers, typically through various distribution channels.

Service Business

An enterprise offering services or intangible items to its clientele instead of material goods.

Periodic Inventory System

An inventory accounting system where updates are made at set intervals, typically leading to annual updates on inventory status and valuation.