With Respect to Permanent Funds, Which of the Following Is

question 87

Multiple Choice

With respect to Permanent Funds, which of the following is not true?

• A) The principal is classified as Nonspendable Fund balance
• B) Permanent Funds are included in the government-wide statements.
• C) Permanent Funds are fiduciary funds and not reported in the government-wide statements.
• D) Permanent Funds use the current financial resources measurement focus.

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Definitions:

Crude Oil

An organic, unprocessed substance found in nature, made up of hydrocarbon deposits along with other organic matter, known as crude oil.

OPEC

The Organization of Petroleum Exporting Countries, an intergovernmental body aiming to coordinate and unify petroleum policies among member countries.

Tax

A required fiscal imposition or alternative form of charge levied on taxpayers by a governmental institution for the purpose of funding government activities and assorted public expenses.

Buyers

Buyers are individuals or entities that purchase goods or services in the marketplace.