Simulation: True$/$False

Indicate whether each statement is true or false by selecting the appropriate circle.

Statement

Capital projects funds account for proceeds of specific revenue sources that are legally required to be spent for specified purposes.

Fund balance is recognized in a proprietary fund.

The economic resources measurement focus is used to report the government$-$wide financial statements.

Capital assets and long$-$term liabilities specifically related to proprietary funds activities are accounted for using the modified accrual basis of accounting.

Governmental funds are accounted for using the accrual basis of accounting.

Government$-$wide financial statements report general long$-$term liabilities.