With the Adoption of GASB Statement #35 in 1999, Public

question 30

Multiple Choice

With the adoption of GASB statement #35 in 1999, public colleges and universities are required to report their activities in a manner more like a(n) :

• A)​general fund
• B)​special revenue fund
• C)​enterprise fund
• D)​fiduciary fund

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Definitions:

Expense Accounts

Accounting categories used to track money spent or costs incurred in a company’s operations.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the proper period.

Adjusting Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.