1. The city of Pittsburgh has a sewer treatment plant that provides services to the public for...
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Question:
1. The city of Pittsburgh has a sewer treatment plant that provides services to the public for a fee and is intended to be a self-supporting activity. What type of fund would be most appropriate to account for this?
- Permanent Fund
- Agency Fund
- Enterprise Fund
- Internal Service Fund
2. Which of the following statements is always true?
- Depreciation is acceptable in governmental funds if a long-term asset is constructed rather than purchased.
- Financial statements for at least one governmental fund will always be prepared.
- The Statement of Cash Flows is required for the Government Wide Financial Statements.
- The revenues recorded by a Tax Agency Fund are included in the Government Wide Financial Statements.
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