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The city accountant for a newly established municipality is setting up the new fund structure...

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Accounting

The city accountant for a newly established municipality is setting up the new fund structure for the city's accounting system.
How many funds should the accountant establish for the city?
The minimum number of funds consistent with the needs of the city accountant.
Two, a special revenue fund and a general fund as required by the city manager.
Two, a general fund and a special revenue fund as required by GAAP.
The minimum number of funds consistent with legal requirements and sound financial
administration.
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