Because Proprietary Funds Use a Different Basis of Accounting Than

question 58

True/False

Because proprietary funds use a different basis of accounting than the government-wide statements, there must be a reconciliation between the two sets of statements.

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Definitions:

UCC Article 4A

Governs the transfer of funds via electronic means between banks and provides rules for electronic payment orders.

Commercial Electronic Fund Transfer

Electronic transactions between businesses for the purpose of transferring funds directly from one bank account to another.

Substitute Check

A negotiable instrument that is a paper reproduction of the front and back of an original check and contains all of the same information required on checks for automated processing.

Digital Image

A representation of a visual image in a format that can be stored, viewed, or transmitted electronically.