The Three Broad Categories of Funds Used by Governmental Entities

question 23

Multiple Choice

The three broad categories of funds used by governmental entities are:

• A)Governmental,Proprietary,and Fiduciary
• B)Unrestricted,Partially Restricted,and Fully Restricted
• C)General,Special,and Fiduciary
• D)General,Enterprise,and Agency

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Definitions:

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.

Financial Position

The status of a company's assets, liabilities, and equity at a specific point in time, typically shown in the balance sheet.

Note Disclosures

Refers to additional information provided in a company's financial statements, which helps in understanding the numbers presented and includes details such as accounting policies and future obligations.