Which of the following is true regarding financial reporting of governmental funds?
A) Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
B) The Fund Balance of governmental funds reports fund balance as reserved and unreserved.
C) Both of the above.
D) Neither of the above.

Question

Quizplus · Accepted Answer

Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. However, the fund balance reporting has changed, and it no longer uses the terms reserved and unreserved.

Which of the Following Is True Regarding Financial Reporting of Governmental