11.Governmental fund financial statements are prepared using the current financial resource measurement focus.
12.Most interfund transfers are
noteliminated in the government-wide statements.
13.Interfund transactions are of particular interest to financial statement preparers and users since failure to properly report these transactions will result in two funds being misstated.
14.Transactions between funds of the same government are
notassumed to be arm’s length in nature.
15.A common use of special revenue funds is to account for (noncapital) intergovernmental grants when federal or state governments provide resources to local governments
16.Resources appropriately reported within proprietary or fiduciary funds are included in special revenue funds.
17.Receivables from sales taxes are recorded in the period that the retailer submits the taxes to the government.
18.When closing the books for the General Fund, an excess of revenues over expenditures and transfers out would be credited to Fund Balance.
19.When the General Fund purchases water from an enterprise fund, the General Fund would creditexpenditure.
20.When a special revenue fund accounts for grants that are awarded on a reimbursement basis, revenues are recognized only after qualified expenditures have been recognized.