9. A statement of cash flows is reported for 10. A balance sheet is reported for funds. funds. 11. Resources flowing into and out of a fund means that the fund is a entity. 12. Preparing financial statements based upon the transactions of a fund means that the fund is an entity. 13. The diverse nature of governmental operations and the necessity of assuring legal compliance preclude recording and summarizing all governmental financial transactions and balances in a 14. Using the sales tax example that we covered in class, sales taxes received by a local government from the State within from the end of 2022 are reported as intergovernmental revenues by the local government in 2022. 15. For internal service funds, user charges are supposed to cover operating expenses with the objective of trying to