Question

Indicate whether the following statements are true or false. For any false statement, indicate why it is false.
1. Enterprise Funds are not used to account for the construction of major highways financed from tax revenues.
2. User charges must be assessed if an Enterprise Fund is to be used for accounting purposes.
3. Flexible budgets are used to control Enterprise Fund operations.
4. Depreciation is recorded in an Enterprise Fund.
5. Nonoperating expenses are separated from operating expenses in an Enterprise Fund.
6. Restricted assets are separately reported on an Enterprise Fund balance sheet.



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  • CreatedJune 05, 2015
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