State whether the following statements are true or false

statement

T/F

1.

Fund financial statements for governmental funds are prepared using the modified accrual basis of accounting and a current financial resources measurement focus.

2.

Governments dont operate in a competitive marketplace, face no threat of liquidation, and do not have equity owners

3.

Fund balance arises from the citizens right to know. It imposes a duty on public officials to be accountable to citizens for raising public monies and how they are spent.

4.

Proprietary funds include internal service funds, enterprise funds.

5.

The tax levy = Estimated collectible proportion Revenues required

6.

A net expense or revenue = Program revenues expenses.

7.

GASB requires that multipurpose grants should be reported as program revenues regardless the amounts restricted to each program are specifically identified in either the grant award or grant application.

8.

All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements.

9.

The permanent fund is one of the several types of governmental funds.

10.

Capital Projects Funds is an account for financial resources segregated to pay principal or interest on long-term general liabilities.

11.

Depreciation expense for infrastructure asset (bridges) should be reported as a direct expense for infrastructure assets (public works).

12.

Budget is estimated numbers and for prepared for future period.

13.

Other Financing Uses represent operating transfers in to other funds.

14.

Budget appropriations are sometimes called estimated Revenue.

15.

General Fund equation: Assets = Liabilities + fund balance.