F9 - M6 - Governmental Funds Financial Statements: Part 2 Flashcards
1
Q
________ funds are created for each project underway for better accountability of resources budgeted for each project.
A
Capital projects
2
Q
Only projects for governmental funds are accounted for within a _____________.
A
capital projects fund.
3
Q
Financing sources may be (5) Items that are benefited by the project.
A
long-term debt issues, fund transfers, capital grants, government grants, or special assessments charged to property owners
4
Q
__________ are legally restricted.
A
Permanent funds
5
Q
Only ________ can be spent with the principal amounts “permanently” restricted from spending.
A
income
