When an Activity Accounted for by the General Fund Issues

question 61

True/False

When an activity accounted for by the General Fund issues purchase orders or contracts for goods or services a record must be kept,but no journal entries in the General Fund are necessary.

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Definitions:

M1 Money Supply

This term describes a category of the money supply that includes all physical money like coins and currency, as well as demand deposits and other liquid assets held by the central bank.

Checkable Deposits

Bank accounts that allow the account holder to write checks or use electronic debit to access funds, including both checking and demand deposit accounts.

Federal Reserve Notes

The physical banknotes issued by the Federal Reserve, serving as the national currency of the United States.

Paper Money

Currency issued by a government or central bank in the form of paper notes and used as legal tender for transactions.