What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.
What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the purpose of a special revenue fund? Choose the correct.
a. To account for revenues legally or externally restricted as an operating expenditure.
b. To account for ongoing activities.
c. To account for gifts when only subsequently earned income can be expended.
d. To account for the cost of long-lived assets bought with designated funds.
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