41.Permanent funds can be either a governmental fund or a fiduciary fund where only income on donated assets may be spent.
42.Depreciation on capital assets is included as an expense in the Statement of Activities in the government-wide financial statements
43.Depreciation on capital assets is included as an expense in the Statement of Revenues, Expenses, and Changes in Fund Net Assets in the proprietary fund financial statements
44.Depreciation on capital assets is not included as an expense in the Statement of Revenues, Expenses, and Changes in Fund Net Assets in the proprietary fund financial statements
45.According to GASB standards relating to Budgetary Accounting, an annual budget should be adopted by every governmental unit.
46.According to GASB standards relating to Budgetary Accounting, budgetary comparisons should be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.
47.According to GASB standards relating to Budgetary Accounting, budgetary comparisons are not required for proprietary funds.
48.According to GASB standards relating to Budgetary Accounting, the accounting system should provide the basis for appropriate budgetary control.
49.For most state and local governments, the budget, when adopted according to procedures specified by state laws, is binding upon the administrators of a governmental unit.
50.A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.
51.A government may have two or more General Funds.
52.The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.