(True or False)

_____ 1. Revenue received by a government as a result of a service concession arrangement (i.e., toll roads revenue and maintenance sold to outside party) should be recognized in the year received.

_____2. Enterprise Funds are used to account for activities that involve providing services and/or products to other governments.

_____ 3. All capital contributions received by an Internal Service Fund are credited directly to the net position account.

_____ 4. Depreciation expense is not recorded in an Internal Service Fund.

_____ 5. GASB requires cash flow statements to be prepared using the direct method.

_____6. Internal Service funds normally do not have restricted net position accounts.

_____ 7. Within an Enterprise Fund, the Statement of Cash Flow includes the reconciliation of net income to net cash from operations.

_____ 8. User charges must be assessed if an Enterprise Fund is to be used for accounting purposes.

_____ 9. Non-operating expenses are separated from operating expenses in an Enterprise Fund Statement of Revenue, Expenses and Changes in Net Position.

_____10. Restricted assets are not separately reported on an Enterprise Fund balance sheet.