Which of the following funds is reported as a governmental fund even though it is not considered to be expendable in nature?

Question

Quizplus · Accepted Answer

Permanent Fund is reported as a governmental fund even though it is not considered to be expendable in nature. The principal of a permanent fund is typically invested, and only the earnings on the principal may be spent for specific purposes. As a result, the principal is not considered expendable and is therefore reported as a non-spendable fund balance in the financial statements.

Which of the Following Funds Is Reported as a Governmental