Take the following as truth: TRUST REVOLVING FUNDS -Accounts that record permanent appropriation and expenditure of collections used to carry out a cycle of business type operations in accordance with a statute that designates the fund as a trust fund.
Then the following statement: "Where Trust Revolving Funds are concerned, the classification of the monies as a "trust fund" is governed by statute." is true, false, or inconclusive?
Answer: True