Which of the following funds of a governmental unit recognizes revenues and expenditures under the same basis of accounting as the general fund?
A) Debt service
B) Enterprise
C) Internal service
D) Nonexpendable trust

Question

Quizplus · Accepted Answer

Debt service funds of a governmental unit recognize revenues and expenditures under the modified accrual basis of accounting, which is the same basis used by the general fund. This basis recognizes revenues when they become available and measurable and expenditures when the related fund liability is incurred.

Which of the Following Funds of a Governmental Unit Recognizes