Question
Permanent Funds a. Have the following accounting equation: CA + NCA - CL + LTL = NP b. Are used to account for the business
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Permanent Funds
a. Have the following accounting equation: CA + NCA - CL + LTL = NP
b. Are used to account for the business type activities of an SLG
c. Account for net assets that benefit the SLG as a whole or its citizenry
d. Are classified by GASB as Fiduciary Funds
QUESTION 7
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A Bond discount is recorded in a Government Fund
a. As an Expenditure
b. As an Other Financing Source
c. As an Other Financing Use
d. As a Current Liability
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Essentials Of Accounting
Authors: Robert N. Anthony, Leslie Pearlman Breitner
9th Edition
013149693X, 9780131496934
