Governmental Fund Financial Statements Include Columns for the General Fund

question 129

True/False

Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

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Definitions:

Constitutional Lawmaking

The process of drafting, adopting, and amending laws and principles that govern a state or country, typically outlined in a constitution.

Statute

Legislation enacted by a governmental body that prescribes or prohibits certain actions and may establish penalties for noncompliance.

First Amendment

A foundational aspect of the United States Constitution guaranteeing freedoms concerning religion, expression, assembly, and the right to petition.

Codified Law

Laws that have been organized and written down into a code or a systematic collection, typically by legislative authority.