Which of the following is true regarding financial reporting of governmental funds?
A) The Fund Balance of governmental funds reports fund balance as reserved and unreserved.
B) Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
C) Both A and B are true.
D) Neither A nor B is true.

Question

Quizplus · Accepted Answer

Fund balance is displayed within the categories of nonspendable, restricted, committed, assigned and unassigned. Governmental funds include the General Fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.

Which of the Following Is True Regarding Financial Reporting of Governmental