Which of the following is true regarding the use of Special Revenue Funds?   Multiple Choice   Special Revenue Funds are appropriate if the sole source of resources are assigned funds.   Once a Special Revenue Fund is established, it will continue to be a Special Revenue Fund until all resources are exhausted, even if the only source of funds is transfers from the General Fund.   Special Revenue Funds are used whenever a government wishes to segregate income for specific purposes.   Special Revenue Funds are used when a substantial portion of the resources are provided by restricted or committed revenue sources..

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Which of the following is true regarding the use of Special Revenue Funds?

 

Multiple Choice
  •  

    Special Revenue Funds are appropriate if the sole source of resources are assigned funds.

  •  

    Once a Special Revenue Fund is established, it will continue to be a Special Revenue Fund until all resources are exhausted, even if the only source of funds is transfers from the General Fund.

  •  

    Special Revenue Funds are used whenever a government wishes to segregate income for specific purposes.

  •  

    Special Revenue Funds are used when a substantial portion of the resources are provided by restricted or committed revenue sources..

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