Question: Whethar the fallowing sentences are true or false regarding the noture and uses of governmental type funds? 1. Capital outlays are never made from the

 Whethar the fallowing sentences are true or false regarding the noture

Whethar the fallowing sentences are true or false regarding the noture and uses of governmental type funds? 1. Capital outlays are never made from the Generat Fund. 2. Special Revenue funds are used if the Law restricts one or more specific sources of revenue, rattier than generat tax revenues, for specific purposes 3. Specaul Revenue Funds cannot be used if a portoon of the revenues are derivod from transters from the General Fund. 4 Capital projects Funds are used to account for and report on all capital assets, whether they are financed from the proceeds of general obligation bonds ar from re bonds sold by proprietary funds. 3. Debt Service funds are used to accumulate resources for paying debt service in the currem year, but not in future years

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!