Question
What fund is used for the main operating activities of a government?
Tap to flip
Answer
General Fund.
Tap to flip back
Question
What does restricted fund balance mean?
Tap to flip
Answer
Externally constrained by creditors, grantors, law, or constitution.
Tap to flip back
Question
Why do government-wide statements use full accrual accounting?
Tap to flip
Answer
They report all assets and liabilities.
Tap to flip back
Question
Why is there only one General Fund?
Tap to flip
Answer
It accounts for everything not required elsewhere.
Tap to flip back