Governmental fund financial statements include columns for the General Fund and all other "major" governmental funds.

Question

Quizplus · Accepted Answer

In addition to the government-wide statement, governments are required to prepare fund-level financial statements. Because governments may have many governmental funds and proprietary funds, governments are only required to present separate columns for each major fund. The general fund is always considered to be a major fund.

Governmental Fund Financial Statements Include Columns for the General Fund