_____5. The Fund Balance reported in the Governmental Funds Balance Sheet must be reconciled to the Net Assets of Governmental Activities in the Statement of Net Assets

_____ 6. With respect to the preparation of fund basis financial statements, governmental funds other than the General Fund are considered to be major when with respect to fund basis financial statements and total assets, liabilities, revenues, or expenditures of that individual governmental fund constitutes 10% of the total for the governmental fund category.

______7. A rainy day fund approved by the township governing board is an example of an assigned fund balance

_____8. Expenditures under modified accrual accounting are recognized when fund liabilities are incurred.

_____9. Fund balance indicates the legal claim of voters on the net assets of a proprietary fund.

_____10. When a purchase order or contract is issued as authorized by an appropriation, it is known as an expenditure.