The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.
A) Agency
B) Enterprise
C) General
D) Special revenue

Question

Quizplus · Accepted Answer

The definition given in the question perfectly matches with the definition of a special revenue fund. The special revenue fund is used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for a specified purpose other than debt service or capital projects. Agency funds are used to keep resources in trust for others. Enterprise funds are used to account for commercial activities like water utilities or municipal airports. General funds are used for the general purpose of the government like public safety or administrative services.

The ______ Fund Accounts for and Reports the Proceeds of Specific