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:

Sales Contract

A legally binding agreement between buyer and seller detailing the terms and conditions of the sale of goods or services.

Fraudulent Misrepresentation

A false statement made knowingly, without belief in its truth, or recklessly, with the intention to deceive others and induce them into a contract.

Unilateral Mistake

A situation in contract law where only one party is mistaken about a fundamental aspect of the contract, which under certain conditions, may lead to the contract being voided.

Elements

Fundamental components or aspects that constitute the essential characteristics of something.