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You are a senior accountant for Cheery Pines County. Paige, staff accountant, has prepared the comments below regarding the Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Position. Review the comments below and indicate whether each comment is correct or not correct by selecting the appropriate circle. Cheery Pines County Commission Policy Number 7071 Deposits and Investments Cheery Pines County maintains a chart of accounts in its accounting information system. All items of cash, cash equivalents, investments, and interest income are reported in separate accounts by fund in the accompanying proprietary funds financial statements. Investment income is allocated based on the weighted-average balances of each fund's cash, cash equivalents, and investments. Cash includes amounts in demand and time accounts as well as cash on hand. For purposes of the statement of cash flows, cash and cash equivalents also include highly liquid investments with an original maturity of 3 months or fewer at the time of purchase. Investments are stated at fair value as determined from quoted market prices. Funds are invested in various instruments allowed by Cheery Pines County Policy Number 7071 for allowable investments, including bank certificates of deposit and money market funds. As of September 30,208, Cheery Pines County investment securities had the following ratings Cheery Pines County Statement of Net Position You are a senior accountant for Cheery Pines County. Paige, staff accountant, has prepared the comments below regarding the Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Position. Review the comments below and indicate whether each comment is correct or not correct by selecting the appropriate circle. Cheery Pines County Commission Policy Number 7071 Deposits and Investments Cheery Pines County maintains a chart of accounts in its accounting information system. All items of cash, cash equivalents, investments, and interest income are reported in separate accounts by fund in the accompanying proprietary funds financial statements. Investment income is allocated based on the weighted-average balances of each fund's cash, cash equivalents, and investments. Cash includes amounts in demand and time accounts as well as cash on hand. For purposes of the statement of cash flows, cash and cash equivalents also include highly liquid investments with an original maturity of 3 months or fewer at the time of purchase. Investments are stated at fair value as determined from quoted market prices. Funds are invested in various instruments allowed by Cheery Pines County Policy Number 7071 for allowable investments, including bank certificates of deposit and money market funds. As of September 30,208, Cheery Pines County investment securities had the following ratings Cheery Pines County Statement of Net Position