Which of the Following Statements Regarding Fund Accounting Is True

question 98

Multiple Choice

Which of the following statements regarding fund accounting is true?

• A) A typical town or county government has approximately the same number of funds as cities and states.
• B) Fund-basis statements are presented for three categories of activities: government-wide, proprietary, and fiduciary
• C) Each fund requires its own journal, but all funds post the information to a common general ledger.
• D) While a business will typically have a single general ledger, the activities of governments are broken down into accounting subunits called funds.

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Definitions:

Multiple Topics

Covering or involving various subjects or themes, especially within a conversation or a single piece of writing.

Voice Mail Communication

The exchange of spoken messages through a digital voicemail system, allowing individuals to leave and retrieve messages.

Cellphone Communication

The process of exchanging information between individuals through the use of mobile phones.

Foreign Office

A government department in many countries responsible for protecting and promoting national interests abroad.