Which fund should be used if resources provided by a federal grant must be set aside and used for counseling youthful offenders?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards

From $24.99Unlock all

Enhance your knowledge of GASB and FASAB Standards. Study with multiple choice questions, hints, and detailed explanations. Prepare efficiently for your exam!

Multiple Choice

Which fund should be used if resources provided by a federal grant must be set aside and used for counseling youthful offenders?

When resources are restricted by a grant to a specific program, they are accounted for in a Special Revenue Fund. A federal grant that is dedicated to counseling youthful offenders imposes a restricted, program-specific use, so it fits this fund type. The general fund houses unrestricted resources for everyday operations, while a debt service fund is for accumulating and paying off long-term debt, and a capital projects fund tracks funds for capital purchases or construction. Therefore, the grant funds should be reported in a Special Revenue Fund.

Which fund should be used if resources provided by a federal grant must be set aside and used for counseling youthful offenders?

Enhance your knowledge of GASB and FASAB Standards. Study with multiple choice questions, hints, and detailed explanations. Prepare efficiently for your exam!

Which fund should be used if resources provided by a federal grant must be set aside and used for counseling youthful offenders?

Get the latest from Examzify