Question

Which of the following statements is true? Multiple Choice a) There are three different types of proprietary funds. b) There are three different types of fiduciary funds. c) There are five different types of governmental funds.

Answer 1

Answer:

C - there are 5 different types of governmental funds.

Explanation:

• There are 2 types of proprietary funds; enterprise and internal service funds.
• There are 4 types of fiduciary funds; pension, investment, private-purpose, and custodial trust funds.
• There are 5 types of governmental funds; general, permanent, special revenue, capital projects, and debt service funds.