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T,F. The general fund is defined as the fund used to account for all financial resources not accounted for in another fund, T,F. The minimum number of special revenues fund of any government is 5. T,F. The similarity between General found and Special Revenues fund is that both use the modified accrual basis of accounting. T,F. The Governments are forced to arrange for short-term financing because revenues flow evenly whereas expenditures flow in spurts during the period. T,F. Some governments try to maintain control over their personnel costs by keeping off-line budgetary accounts and it is debited when estimated revenues are less than appropriations. T,F. In order to avoid to avoid the problem of maintaining thousand of separate general ledger accounts to cover each piece of taxable property, governments maintain general ledger control accounts supported by subsidiary ledger accounts. T, F. GASB Statement No. 34-" Basic Financial statements and Management Discussions and Analysis" was a compromise standard produced between the old and the new standard. T, F. Fiduciary Funds are included in government-wide statements because government has responsibility for them and can legally use them to finance its operations. T, F. To understand fully the operations of government, Fund Financial Statements must be read in conjunction with government-wide financial statements where applicable. T, F. According to GASB 34, the Financial Reporting Entity is composed of the primary government and its component units. T, F. Blending cannot occur unless the reporting components of government are identified and seen as operating in the interest of the primary government. T, F. In the interest of full disclosure and transparency, governments need not abide by minimum reporting requirements of GASB 34. T, F. Financial Statements for government funds should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting. T, F. Financial events that are special or extraordinary should be presented separately in the operating statement prepared for government funds

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