Which of the Following Statements Is False

question 90

Multiple Choice

Which of the following statements is false?

• A) Debt service funds are required to report accrued interest and principal payments as current liabilities.
• B) All of the governmental funds use the modified accrual basis of accounting.
• C) General fixed assets that are acquired with governmental fund resources are recorded as expenditures in the governmental funds but are displayed as capital assets in the governmental-wide financial statements.
• D) Permanent funds reflect resources that are legally restricted so that principal may not be expended and earnings are used to benefit the government or its citizenry.

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Definitions:

Bit Status

The current state (on or off) of a bit, representing the smallest unit of data in digital computing and communications.

Logic Continuity

Logic Continuity refers to the uninterrupted and consistent application of logical conditions and operations in a control or computational process.

OFF Condition

A state in which a circuit, device, or system is not activated or is in a power-down mode.