Why are a municipality’s general capital assets and general long-term liabilities accounted for through nonfund accounts rather than within one of its governmental funds, such as the General Fund?
Answer to relevant QuestionsUnder what circumstances should a government use a Special Revenue Fund? A Capital Projects Fund? A Debt Service Fund?How are the “major” funds of a state or local government determined?The following are names of funds encountered in governmental reports and the purposes for which these funds have been established. Indicate the corresponding fund type recommended by the Governmental Accounting Standards ...Analyze each of the following transactions and events. (1) Indicate all of the effects of each transaction on each of the funds and the nonfund accounts of a local government. Be sure to indicate the fund(s) affected. ...List and explain the five fund balance reporting classifications required by the GASB.
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