A citizen of the City of Townsend gives it a gift of $22,000 in investments. The citizen
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A citizen of the City of Townsend gives it a gift of $22,000 in investments. The citizen requires that the investments be held but any resulting income must be used to help maintain the city’s cemetery.
In which fund should this asset be reported?
a. Special Revenue Funds.
b. Capital Projects Funds.
c. Permanent Funds.
d. General Fund.
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The most appropriate fund to report this asset is c Permanent Funds Heres wh...View the full answer
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