Question
Governmental funds report current financial resources. However, governmental funds may report some assets which are current assets but which are not financial resources. Which of
- Governmental funds report current financial resources. However, governmental funds may report some assets which are current assets but which are not financial resources. Which of the assets below is not a financial resource at December 31, 2021?
A. Prepaid insurance that will expire in October, 2022.
B. Office supplies that are expected to be used in 2022.
C. A and B.
D. Neither A nor B.
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
