ultiple Choice- Select the best answers. Max point: 30pts. 1. Will the follow fiscal practices promote or undermine Interperiod Equity? Not Setting aside funds each year to pay for an anticipated 20-year renovation of a college dormitory" a. Promote b. Undermine c. Neither 2. Governments differ from businesses in that they a. Do not raise capital in the financial markets b. Do not necessarily engage in transactions in which they "sell" goods or services c. Are not required to prepare annual financial reports d. Do not issue common stock 3.Assuming that Bravo County receives all of its revenues from unassigned property taxes, it is most likely to account for the activities of its police department in its a. Police department fund b. Police enterprise fund c. Property tax fund Vd. General fund 4. Queens County should report depreciation in which of the following funds: a. General fund Sb. Special revenue fund c. Internal service fund d. Capital projects fund onor 5. The Summerville Preparatory School (a stipulates that the entire amount must be used to construct a new athletic field house. The school should classify the donation as a. Unrestricted b. Temporarily restricted Vc. Permanently restricted d. Semi - restricted 6. Under GASB Statement No.54, what is the hierarchy classification of fund balances? a. Spendable, unrestricted, committed, assigned, unassigned vb. Nonspendable, restricted, committed, assigned, unassigned c. Nonspendable, unrestricted, committed, assigned, unassigned d. Spendable, restricted, uncommitted, assigned, unassigned