Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a.the general fund b.governmental funds c.proprietary funds d.special revenue funds

Answered: Governments often provide goods and…

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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Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in:

a.

the general fund

b.

governmental funds

c.

proprietary funds

d.

special revenue funds

Expert Solution

Step 1

The list of funds are enumerated to aid the people and other organisations which are facing scarcity of funds and provides financial benefits and use it for designated purposes

1. Government funds

2. Proprietary funds

3.General funds

4.Special funds

5. Capital funds

6. Debt funds.

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