Because internal service funds are operated almost as a business, they can utilize the modified accrual basis for reporting Select one: True False All proprietary funds are required by GASB to have a Statement of Cash Flows. Governmental funds do not have to have a Statement of Cash Flows. True or False Select one: True False A fund run by the State of Louisiana that allows Calcasieu Parish and/or Lake Charles to temporarily invest funds, where these funds are co-jointly invested, is: a. Internal service trust funds b. Investment trust funds c. Pension trust funds d. Agency trust funds e. Private purpose trust funds f. special revenue trust funds g. capital projects trust funds h. debt service trust funds These bonds are due in the future at one fixed date a. callable bonds b. convertible bonds C. demand bonds d. serial bonds e. term bonds Governments are required to wait to accrue remediation costs when they are actually incurred rather than estimate and accrue the potential expenses and record a liability as soon as an obligating event is incurred or discovered. True or False Select one: True False A defined contribution pension plan is where contributions are made as a percentage of the employee's current pay. Select one: True False