Which of the Following Is True Regarding the Governmental Fund

question 49

Multiple Choice

Which of the following is true regarding the governmental fund statements?

• A) The Governmental Funds Balance Sheet does not reflect capital assets or long-term debt.
• B) The Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances reports columns for major funds, non-major funds in total, and total.
• C) Both of the above.
• D) Neither of the above.

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Definitions:

Preexisting Duty Rule

in contract law, states that an agreement to perform an act already legally obligated to is not sufficient consideration for a new promise.

Negative Information

Adverse details or data that can impact an individual or entity's reputation or creditworthiness.

Breach Of Contract

The failure to fulfill the terms or conditions of a contract without a lawful excuse.

Usury Laws

Statutes and regulations intended to protect consumers by limiting the amount of interest that can be charged on a loan.