22. Governmental units include all of the following EXCEPT A) industrial development districts. B) counties. C) voluntary health and welfare organizations. D) school districts. 23. Which type of fund can be either expendable or nonexpendable? A) Special revenues B) Trust C) Debt service D) Enterprise 24. Investments are reported by NNOs at A) the lower of cost or fair value. B) cost. C) the higher of cost or fair value. D) fair value 25. If a credit was made to the fund balance in the process of recording a budget for a governmental unit, it can be assumed that: A) estimated revenues exceed appropriations. B) estimated expenses exceed actual revenues. C) appropriations exceed estimated revenues. D) actual expenses exceed estimated expenses. 26. The Expenditures account of a governmental unit is debited when: A) supplies are ordered. B) supplies encumbered are received. C) the supplies invoice is paid. D) the budget is recorded. brances account is properly considered to be a: A) fixed liability B) reservation of the fund's equity C) current liability if payable within a year; otherwise, long-term debt. D) floating debt