Exam 4: Accounting for the General and Special Revenue Funds

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The purpose of fund accounting is to segregate those financial resources that have constraints or limitations on their use to demonstrate compliance with those limitations.

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The entry to re-establish encumbrances related to purchase orders from the prior year would include:

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What is the effect on the General Fund's fund balance when capital assets are purchased during a year from General Fund revenues?

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Which of the following is an interfund transaction?

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