A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has
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A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cemetery. In which fund should this asset be reported?
a. Special revenue funds
b. Capital projects funds
c. Permanent funds
d. General fund
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The correct answer is c Permanent funds Explanation P...View the full answer
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