With respect to the content of government-wide statements, which of the following is correct? A) Internal service funds are typically reported in the governmental activities sections of the government-wide statements, while fiduciary activities are not included in the governmentwide statements. B) Fiduciary activities are included the government-wide statements and internal service funds are not included in the government-wide statements. C) Interfund transactions are not adjusted when preparing the government-wide statements because they cancel each other out. D) Interfund transaction are separately stated to show detail but do not affect the ending balances on the statements because revenues equal expenses.

Which of the following is not true regarding accounting and financial reporting for nongovernmental, not-for-profit organizations? Multiple Choice Expenses are classified as with or without donor restrictions. Expenses must be reported by function, either in the Statements of Activities or in the notes. Net assets are classified according to donor-imposed restrictions. All of the choices are true.

Which of the following funds accounts for legally restricted resources for which only the earnings may be used for some public purpose?   Capital projects fund   Special revenue fund   Private purpose trust fund   Permanent fund   None of these