A City Received a Grant of $5,000,000 from a Private

question 63

Multiple Choice

A city received a grant of $5,000,000 from a private agency. The money was to be used to build a new city library. In which fund should the money be recorded for the governmental fund financial statements?

• A) The General Fund.
• B) An Expendable Trust Fund.
• C) A Capital Projects Fund.
• D) An Agency Fund.
• E) A Permanent Fund.

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