Capital assets used by departments accounted for by the General Fund of a governmental unit should be accounted for in
A) The General Fund.
B) The governmental activities journal.
C) The business-type activities journal.
D) The general capital assets fund.

Question

Quizplus · Accepted Answer

Capital assets used by departments that are accounted for by the General Fund are recorded in the governmental activities journal at the government-wide level, not in the General Fund itself. The General Fund typically accounts for day-to-day operational expenses and revenues, not capital assets.

Capital Assets Used by Departments Accounted for by the General