TRUE?FALSE

5.T/F. Debt service funds account for resources that are restricted, committed or assigned for payment of principal and interest of debts of government.

6.T/F. Only current financial resources and obligations appear in the governmental funds balance sheet.

7.T/F. In the Net Position of each fund in the Balance Sheet, only General Fund Net Fund position has no restricted or assigned portion.

8.T/F. In governmental accounting items like supplies or inventories are classified as current assets that are spendable as Fund Balance.

9.T/F. In governmental Accounting, wages and salaries are usually accounted on modified accrual basis.

10.T/F. Generally Accepted Accounting Principles that apply to the private sector organizations apply to those governmental enterprises that operate in the same industry as the private sector.