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.
Governmental funds report current financial resources. However, governmental funds may report some assets which are not current financial resources. Which of the assets below is not a current financial resource at December 31, 2021?
A. Investments expected to be sold in 2022.
B. An advance to an enterprise fund that is scheduled to be repaid, with interest, in
February, 2024.
C. A and B.
D. Neither A nor B.
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Finance The Basics
Authors: Erik Banks
3rd Edition
1138919780, 9781138919785
