The General Fund and Special Revenue Funds
The General Fund and Special Revenue Funds
Chapter 3
Learning Objectives
Discuss similarities & differences between GF and SRFs
Explain MFBA used for these funds Understand and prepare budgetary entries Analyze common journal entries for transactions,
including interfund activity Prepare adjusting & closing entries Define special items and extraordinary items Prepare GF and SRF financial statements
General Fund
Used to account for all financial resources that are not restricted to specific purposes or otherwise required to be accounted for in another fund.
Only fund that all governments have.
Special Revenue Funds
Used to account for general government financial resources that are restricted by law or contractual agreement to specific purposes other than debt service or major capital projects.
Exist as long as the government has resources dedicated to specific purposes.
MFBA
Measurement Focus (MF) is on current financial resources ? what is expendable
Basis of Accounting (BA) is modified accrual ? recognition occurs for
Revenues when measurable & available Expenditures when underlying liability is incurred,
except for long-term debt principal and interest payments (when due)
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