Which of the Following Are the Governmental Funds

question 62

Multiple Choice

Which of the following are the governmental funds?

• A) General, special revenue, debt service, capital projects, private purpose.
• B) General, special revenue, debt service, capital projects, permanent.
• C) General, special revenue, debt service, capital projects, internal service.
• D) None of the above.

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Definitions:

Income Statement

A financial report that shows a company's revenues, expenses, and net profit or loss over a specific period.

Balance Sheet

A document which condenses the details of a corporation's assets, liabilities, and owners' equity at a certain moment, offering a glimpse into its financial health.

Statement of Owner's Equity

A financial statement that shows changes in the equity of a company over a given period, including investments, withdrawals, and profit or loss.

Sales Journal

A specialized accounting journal that records the company's sales transactions, typically on credit.