1. (TCO F) Which of the following is correct with respect to Internal Service Funds? (Points : 5)
A. Net assets (fund equity) are to be reported in two categories: assigned and unassigned.
B. Â Â Internal service funds use accrual accounting and the economic resource measurement focus.
C.   Internal service funds account for long-term debt but not long-term fixed assets.
D. All of the above are false statements.
Question 2. 2. (TCO F) Government units use which fund type to account for services provided to the general public on a user-fee basis? (Points : 5)
A. General Fund
B. Enterprise Fund
C. Internal Service Fund
D. Permanent Fund
Solution
1. A. Net assets (fund equity) are to be reported in two categories: assigned and unassigned.
2. Internal service fund
.
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1- (TCO F) Which of the following is correct with respect to Internal.docx
1. 1. (TCO F) Which of the following is correct with respect to Internal Service Funds? (Points : 5)
A. Net assets (fund equity) are to be reported in two categories: assigned and unassigned.
B. Â Â Internal service funds use accrual accounting and the economic resource measurement
focus.
C.   Internal service funds account for long-term debt but not long-term fixed assets.
D. All of the above are false statements.
Question 2. 2. (TCO F) Government units use which fund type to account for services provided
to the general public on a user-fee basis? (Points : 5)
A. General Fund
B. Enterprise Fund
C. Internal Service Fund
D. Permanent Fund
Question 2. 2. (TCO F) Government units use which fund type to account for services provided
to the general public on a user-fee basis? (Points : 5)
A. General Fund
B. Enterprise Fund
C. Internal Service Fund
D. Permanent Fund
Solution
1. A. Net assets (fund equity) are to be reported in two categories: assigned and unassigned.
2. Internal service fund
