What are the five types of governmental funds?
Answer (3)
Special Revenue- This is the account for revenue that has been earmarked by Law for a specific purpose. Debt Service- This is used to pay any principles and interest on any long term debts. General Fund- This is the account for general operations and activities. Capital Projects- This is the account that is used for construction, or improvements on fixed assets. Special Assessments- This is the account that is used for repair on public infrastructure, such as path and alley ways. Hope this helps
There are five types of **governmental **funds: General Fund, Special Revenue Funds, Debt Service Funds, Capital Projects Funds, and Permanent Funds, each serving particular financial roles in government. The state government spends on services like education and health care, while local governments focus heavily on education as their largest spending category. ;
The five types of governmental funds include the General Fund, Special Revenue Funds, Debt Service Fund, Capital Projects Funds, and Permanent Funds. Each fund serves a specific purpose in managing government finances and providing public services. Understanding these funds helps in grasping how government budgets are allocated and spent.
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