Question

As a general rule, revenues, expenditures, and expenses should be reported as such only once in the funds of a government.

True
False

Answer 1

False. In the funds of a government, revenues, expenditures, and expenses should be reported in a way that accurately reflects their nature and purpose.

Step-by-step explanation:

False. In the funds of a government, revenues, expenditures, and expenses should be reported in a way that accurately reflects their nature and purpose. This means they may be reported multiple times in different funds or categories. For example, revenues may be reported in a general fund and a special revenue fund, while expenditures and expenses may be reported in various funds depending on the specific purpose. These multiple reporting allows for better transparency and accountability in government financial reporting.