For financial reporting purposes,a government may have only one

Question

Quizplus · Accepted Answer

The general fund is the principal operating fund of a government and is utilized to account for all financial resources except those required to be accounted for in another fund. It is the only fund that is mandatory for all governments to have for financial reporting purposes. Capital projects, enterprise, and permanent funds are optional funds used for specific purposes.

For Financial Reporting Purposes,a Government May Have Only One