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Question OU 1 pomu) A general purpose government may have more than one general fund...

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Accounting

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Question OU 1 pomu) A general purpose government may have more than one general fund if it reports on discretely presented component units True False Question 61 (1 point) The General Fund is the only fund that is REQUIRED to be reported as a major fund True False Question 62 (1 point) 'Rainy day' funds, which are funds that are set aside for emergencies or revenue shortfalls in periods of economic downturn, are always classified as unassigned. True False The Estimated Revenues account a budgetary account used when preparing fund budgets -- normally carries a credit balance True False Question 64 (1 point) All budgetary accounts are closed at the end of the fiscal year True False Question 65 (1 point) Premiums generated from the issuance of bonds for a capital projects fund are always transferred to a debt service fund to help pay down the principal and interest on the debt. True False

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