📏CPA EXAM PREP

State and Local Government Concepts

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Question

What fund is used to accumulate resources for general long-term debt service?

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Answer

Debt Service Fund.

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Question

What fund is used to build or acquire major capital facilities?

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Answer

Capital Projects Fund.

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Question

What fund is used for resources restricted or committed to specific purposes?

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Answer

Special Revenue Fund.

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Question

What fund is used for the main operating activities of a government?

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Answer

General Fund.

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