Which of the following is true regarding permanent funds? a. They use modified accrual accounting. b. Their
Question:
Which of the following is true regarding permanent funds?
a. They use modified accrual accounting.
b. Their principal cannot be expended.
c. Dividend and interest income from their investments are used to benefit the government and its citizens.
d. All of the above.
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Use of Modified Accrual Accounting Permanent funds do not use modified accrual accounting Instead th...View the full answer
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Related Book For 
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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