Question: Indicate whether each statement is true or false by selecting the appropriate circle. Statement Capital projects funds account for proceeds of specific revenue sources that

Indicate whether each statement is true or false by selecting the appropriate circle.
Statement
Capital projects funds account for proceeds of specific revenue
sources that are legally required to be spent for specified purposes.
Utility bill payments are recognized in a proprietary fund.
Capital assets and long-term liabilities specifically related to
proprietary funds activities are accounted for using the modified accrual
basis of accounting.
Governmental funds are accounted for using the accrual basis of
accounting.
Government-wide financial statements report general long-term
liabilities.
True
False
Indicate whether each statement is true or false by selecting the

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