Author Question: A city has, in addition to the General Fund, three other governmental funds. Two of those three ... (Read 37 times)

geoffrey · **on:** Jul 5, 2018

A city has, in addition to the General Fund, three other governmental funds. Two of those three governmental funds have been deemed to be major funds. At most, how many funds may be reported as major funds?

A. One (1).
B. Two (2).
C. Three (3).
D. Four (4).

Question 2

Expenses result from using up assets or consuming services in the process of generating revenues.
a. True
b. False

Indicate whether the statement is true or false