Which of the following would not be true regarding internal service funds?
A. In the government-wide financial statements, internal service funds are most commonly reported in the business-type activities column.
B. Internal service funds use the economic resources measurement focus and accrual basis of accounting.
C. Examples of internal service funds would include self-insurance funds, motor pool funds, and print shop funds.
D. None of the above; all are true.
Answer: A
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In a period of falling prices, FIFO produces the lowest cost of goods sold and the highest gross profit
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