Generally Accepted Accounting Principles Applicable to State and Local Governments

question 29

Multiple Choice

Generally accepted accounting principles applicable to state and local governments require that

• A) Only governmental funds and proprietary funds should be established.
• B) Only those funds required by law, GASB standards, and sound financial administration should be established.
• C) Only those funds required by law and sound financial administration should be established.
• D) All categories of funds must be established.