Proprietary Funds account for financial resources segregated to pay principalor interest on long-term general liabilitiesa. Trueb. False Activities of a general purpose government that provide the basis for GASB'sfinancial accounting and reporting framework consist of governmental,business-type, and fiduciary.a. Trueb. False

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Proprietary Funds account for financial resources segregated to pay principal or interest on long-term general liabilities a. True b. False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Proprietary Funds account for financial resources segregated to pay principal
or interest on long-term general liabilities
a. True
b. False

Activities of a general purpose government that provide the basis for GASB's
financial accounting and reporting framework consist of governmental,
business-type, and fiduciary.
a. True
b. False

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