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  3. 1. gasb requires that every slg a. maintain at lea

1. GASB requires that every SLG a. Maintain at least one Special Revenue Fund during...

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Accounting

1.

GASB requires that every SLG

a. Maintain at least one Special Revenue Fund during each fiscal reporting period

b. Issue year-end financial statements for the GCA and GLTL

c. Maintain a General Fund

d. Use the accrual basis of accounting for expendable funds.

2.

When a government fund enters into a capital lease, the transaction will be recorded in that government fund with a debit to capital outlay expenditures and a credit to other financing sources for the capitalizable cost of the lease. True or False?

3.

Which of the following would result in an increase in the fund balance of a Government Fund?

a.

Purchase of a general government capital asset
b.

Payment of general government long-term debt principle and related interest
c.

Transfer of money out of the fund to another fund of the same government
d.

Transfer of money into the fund from another fund of the same government

4.

Legal authority for a city to spend city resources for general government purposes is adopted by city council as part of city councils approval of the citys annual budget. Legal authorizations of this type are called

a.

Allocations
b.

Allotments
c.

Encumbrances
d.

Appropriations

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