15-Transfer from one fund to another fund is recorded as:

a. Proceeds from borrowings

b. Grant revenue

c. Other increase/decrease in fund balance

d. Proceeds from revenue

17-Which among the following is not true for fund in fund accounting?

a. Fund accounting may require to pass multiple entries in separate funds to record a single transaction

b. Government units have only one special revenue fund to record restricted resources

c. Government units maintain several funds

d. Each fund is a separate fiscal entity

16-Which among the following is not true about agency funds?

a. No Statement of changes in fiduciary net assets is prepared for agency funds

b. Agency Funds are custodial in nature

c. Assets Liabilities = Fund balance

d. Assets Liabilities = 0