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MMLU / The city of Cobb has two trust funds for the benefit of the city's library trust…

Problem

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question

The city of Cobb has two trust funds for the benefit of the city's library trust fund A and trust fund B. Only the earnings from trust fund A can be expended and both the principal and interest from trust fund B can be expended. How should the city of Cobb report each trust fund? Trust fund A Trust fund B

choices

  1. Permanent Permanent
  2. Permanent Special revenue
  3. Special revenue Permanent
  4. Special revenue Special revenue

subject

professional_accounting

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Source and history

Official source

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