Which of the Following Is True Regarding Fund Classifications

question 96

Multiple Choice

Which of the following is true regarding fund classifications?

• A) Governmental funds include the General, special revenue, debt service, capital projects, and permanent.
• B) Proprietary funds include enterprise, internal service, and private-purpose.
• C) Both of the above.
• D) None of the above.

---

Definitions:

Journal Entry

A record in accounting that represents each transaction with debits and credits in financial accounts.

Plant Assets

Long-term tangible assets that are used in the production of goods or services and are not intended for resale, including buildings, machinery, and equipment.

Double-Declining Balance

An accelerated method of depreciation where an asset loses value at double the rate of traditional straight-line depreciation.

Depreciation Method

An accounting technique used to allocate the cost of a tangible asset over its useful life, reflecting its consumption, wear and tear, or obsolescence.