While certain distinctive problems may arise in keeping the accounts of any specific enterprise, the principles of accounting on the cash basis are generally the same.
a. True
b. False
Indicate whether the statement is true or false
Question 2
What is the reporting requirement for the fund balance section of the governmental funds balance sheet?
a. governmental fund balances should be reported in a single amount
b. governmental fund balances should be segregated in three components: invested in capital assets, net of related debt; restricted; and unrestricted
c. governmental fund balances should be segregated between reserved and unreserved amounts
d. governmental fund balances should be segregated in five components: nonspendable, restricted, committed, assigned and unassigned
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