67. What is the underlying reason a governmental unit uses separate funds to account for its A) Governmental units are so large that it would be unduly cumbersome to account for B) Many activities carried on by governmental units are short-lived and their inclusion C) Generally accepted accounting principles require that nonbusiness entities report on D) Because of the diverse nature of the services offered and legal provisions regarding transactions? all transactions as a single unit. in a general set of accounts could cause undue probability of error and omission. a funds basis. activities of a governmental unit, it is necessary to segregate activities by functional nature 68. Which basis of accounting should a voluntary health and welfare organization use? A) B) C) D) Accrual basis for all funds Cash basis for all funds Accrual basis for some funds and modified accrual basis for other funds Modified accrual basis for all funds 69. Which of the following should be accrued as revenues by the general fund of a local government? A) Income taxes currently due B) Sales tax held by the state which will be remitted to the local government: C) Parking meter revenues D) Sales tax collected by merchants 70. The following funds were among those on Cole University's books at April 30, 2017: Funds to be used for acquisition of additional properties for S2,500,000 university purposes (unexpended at 4/30/17) Funds set aside for debt service charges and for the 5,000,000 retirement of indebtedness on university properties How much of the above-mentioned funds should be included in plant funds? A) S0 B) $5,000,000 C) $2,500,000 D) $7,500,000