3. 6. The Basic Accounting Equations are: a. Assets Liabilities+Owners' Equity b. Assets Liabilities+Fund Balance c. Fund Balance Assets-Liabilities d. All of the above e. None of the above. 7. A city received invested. support needy students. This contribution should be reported in revenues of a $30 million contribution. The donor stipulated that the money should be The principal is to remain intact and that the investment interests are to be used to a. Special Revenue fund b. Permanent funcd c. Fiduciary Fund d. Agency Fund e. None of the above. 8. T, F. Budgets are essential elements for financial planning, control and evaluation of government's performance and fiscal responsibility. 9. T, F. Governments apply the flexible budgeting concept as the private sector organizations apply it. 10. T, F. A Capital Budget, in contrast to an appropriation budget can cover up to five years. 11. Appropriations Budgets are typically concerned with: a. The details of resources and appropriations for expending them b. Long-term revenues and expenditures c. Current operating revenues and expenditures d. All of the above e. None of the above. 12. Appropriations are made at what phase of the budgetary cycle? a. Preparation b. Legislative adoption and executive approval c. Execution d. All of the above e. None of the above