F8 - Governmental Funds

Question 1

Which 2 governmental funds do not use encumbrances?

Answer 1

Debt service and permanent

Question 2

T/F: In the special revenue fund, only interest may be expended

Answer 2

False; both principal and interest may be used

Question 3

At what value should capital assets donated to a governmental unit be recorded?

Answer 3

FMV on date of receipt

Question 4

T/F: Grants from another government unit are recorded as revenue in the financials of the receiving unit

Answer 4

True