Which of the following funds of a government would account for depreciation in the accounts of the fund?

Question

Quizplus · Accepted Answer

Depreciation is typically accounted for in the Internal Service Fund, which is used to account for services provided by one department to other departments within the same government entity. This fund is used for activities such as central purchasing, fleet maintenance, and building maintenance, which all involve the use of assets that depreciate over time. The General Fund is used for normal operating activities, while the Capital Projects Fund is used for the acquisition or construction of major capital assets. The Special Revenue Fund is used to account for specific revenue sources that are legally restricted for certain purposes.

Which of the Following Funds of a Government Would Account