Mark True or False The economic resources measurement focus and the modified accrual basis of accounting are
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Question:
Mark True or False
- The economic resources measurement focus and the modified accrual basis of accounting are used to report the financial activities of a custodial fund.
- The financial statements for proprietary funds include a statement of cash flows.
- When a fund is defined as an accounting entity, it means that resources flow into and out of the fund.
- Fiduciary funds are not reported on government-wide financial statements.
- Internal service funds are reported as governmental activities on the government-wide financial statements.
- The government-wide financial statements report the economic resources measurement focus and the accrual basis of accounting.
Expert Answer:
1 The economic resources measurement focus and the modified accrual basis of accounting are used to report the financial activities of a custodial fund FALSE Explanation In contrast to the current fin... View the full answer
Related Book For 
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
