31.Expenditures for claims and judgments, compensated absences, and special termination benefits should be recognized in the General Fund whether or not the liabilities are to be paid with available resources.
32.Governmental fund financial statements are to be prepared on the accrual basis of accounting.
33.Government fund statements use the modified accrual basis, while government-wide, proprietary fund and fiduciary funds use accrual basis.
34.Government and Fiduciary fund statements use the modified accrual basis, while government-wide, and proprietary funds use accrual basis.
35.After closing entries, a special revenue fund’s Fund Balance account represents the net amount of resources available for future appropriation
36.The fund balance represents the excess of fund assets over fund liabilities.
37.When establishing funds, governments should attempt to have a large number of special revenue and other funds to provide the user with maximum detail to understand the transactions.
38.When establishing funds, governments should attempt to minimize the number of special revenue and other funds, instead using functional classification to record transaction detail.
39.A Special Revenue Fund maynot
have a positive Unassigned Fund Balance
40.Only the General Fund may have a positive Unassigned Fund Balance
41.When establishing funds, governments should neverattempt to minimize the number of special revenue and other funds, instead using functional classification to record transaction detail.
42.GASB standards for property tax revenue recognition under the modified accrual basis of accounting provide that revenue is permitted to be recorded if the expected amount to be collected can be determined and collection is reasonably assured, even if the taxes are expected to be collected more than 60 days after the fiscal year end.