True or False

Questions

1. The inter period equity concept keeps the focus of the account on a single period, with revenues of the period intended to cover spending.
2. Amount collected in advance of a period to which they apply are referred to as deferred revenues.
3. Revenue that is expected to be collected in the first 30 days of the following fiscal year may be considered for spending in the current year.
4. In government accounting, there is no attempt to amortize costs that benefit multiple periods.
5. Expenditures can be categorized in many ways, including by activity.
6. Permanent funds principal is restricted along with their income earned.
7. With agency funds, assets equal liabilities.
8. A government agency can have multiple general funds.
9. Government wide statements use accrual accounting.
10. There are 4 sections of the CAFR.