Which of the following category of funds is used to account for most of the day-to-day services like sanitation and fire protection.Select one:a.Internal Service fundsb.Governmental-type fundsc.Fiduciary-type fundsd.Proprietary-type funds
Question
Which of the following category of funds is used to account for most of the day-to-day services like sanitation and fire protection.Select one:a.Internal Service fundsb.Governmental-type fundsc.Fiduciary-type fundsd.Proprietary-type funds
Solution
The correct answer is b. Governmental-type funds. These funds are typically used to account for most day-to-day services such as sanitation and fire protection. They are used to finance the collection and disbursement of governmental resources, including taxes and other revenues. The other types of funds, such as Internal Service funds, Fiduciary-type funds, and Proprietary-type funds, are used for different
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