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True or False 16 General funds and capital project funds use modified accrual accounting. 17...

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Accounting

True or False

16 General funds and capital project funds use modified accrual accounting.

17 Both government funds and proprietary funds record the purchase of a building as a debit to Expenditures.

18 Net assets are shown as invested in capital assets, net of related debt.

19 Governments are required to report all direct expenses by function other than special or extraordinary items.

20 Encumbrances not liquidated at year end should be classified in the fund balance as restricted, committed, or spent.

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