Which of the Following Fund Types Does Not Use Modified

question 91

Multiple Choice

Which of the following fund types does not use modified accrual accounting?

• A) Debt Service
• B) Special Revenue
• C) Investment Trust
• D) Permanent

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Definitions:

Check Authorization

A process used in financial management where a check's validity and accuracy are verified before it's processed for payment.

Depositor's Account

An account maintained by a depositor at a financial institution, representing deposited funds that can be withdrawn.

Bank

A financial institution licensed to receive deposits, offer loans, and provide other financial services, such as currency exchange.

Note Receivable

A financial asset representing a borrower's promise to pay the holder a specific sum of money either on demand or at a future specified date.