Accounting MCQ
Governmental Accounting
King City Council will be establishing a library fund. Library fees are expected the cover 55% of the library's annual resource requirements. King has decided that an annual determination of net income is desirable in order to maintain management control and accountability over the library. What type of fund should King establish in order to meet its measurement objectives?
King City Council will be establishing a library fund. Library fees are expected the cover 55% of the library's annual resource requirements. King has decided that an annual determination of net income is desirable in order to maintain management control and accountability over the library. What type of fund should King establish in order to meet its measurement objectives?
King City Council will be establishing a library fund. Library fees are expected the cover 55% of the library's annual resource requirements. King has decided that an annual determination of net income is desirable in order to maintain management control and accountability over the library. What type of fund should King establish in order to meet its measurement objectives?
a) Special revenue fund
b) General Fund
c) Internal service fund
d) Enterprise fund
Answer: D
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