Author Question: The three broad categories of funds used by governmental entities are: a. Governmental, ... (Read 119 times)

roselinechinyere27m · **on:** Jul 5, 2018

The three broad categories of funds used by governmental entities are:

a. Governmental, Proprietary, and Fiduciary
b. Unrestricted, Partially Restricted, and Fully Restricted
c. General, Special, and Fiduciary
d. General, Enterprise, and Agency

Question 2

Which of the following is not a characteristic of accrual basis of accounting?
a. Revenues and expenses are reported in the period in which cash is received or paid.
b. Revenues are reported on the income statement in the period in which they are earned.
c. Accrual basis of accounting supports the matching concept.
d. Expenses are reported in the same period as the revenues to which they relate.