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Governmental Accounting State and Local

?

Which of the following is a characteristic which differentiates
a Special Revenue Fund from a General Fund?

A special revenue fund is required to be budgeted on
the accrual basis.A special revenue fund is established only if a revenue
source is restricted or committed to expenditure for a
specified purpose.A governmental entity can only have one special revenue
fund.A special revenue fund reports by using the total economic
resources measurement focus.

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

(b) GASB Statement 54 includes definitions for governmental
fund types (general, special revenue, capital projects, debt
service and permanent funds). Special revenue funds are used to
account for the proceeds of specific revenue sources that are
restricted or committed.

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