Which of the Following Statements Is True

question 35

Multiple Choice

Which of the following statements is true?

• A) Fund balances of debt service funds are classified among the categories identified in GASB Statement 54 as Restricted and Unrestricted.
• B) The principal of permanent funds are classified as Nonspendable Fund Balance.
• C) The fund balance of permanent funds should be classified as Nonspendable, Spendable and Committed.
• D) All funds have an Unassigned Fund Balance.

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Definitions:

Black Market

An illegal trade of goods or services not sanctioned by official regulations or subjected to governmental taxes.

Illegal Exchanges

Transactions that are prohibited by law, involving goods or services that are not allowed to be traded.

Rent Controls

Government-imposed laws that limit the rent landlords can charge tenants, aiming to keep housing affordable.

Equitable Way

Equitable way refers to a manner or approach that is fair, impartial, and just, ensuring equal treatment and opportunities for all involved parties.