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6 August, 07:34

The General Fund

-Is used to account for all financial resources that are not required to be accounted for in another fund.

-Is used by all governments that report governmental fund activities.

-Is established at inception of a government and exists throughout its life.

- All of the above.

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Answers (1)
  1. 6 August, 08:03
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    The correct answer is - Is used to account for all financial resources that are not required to be accounted for in another fund.

    Explanation:

    The general fund is established at the beginning of a government and continues to exist throughout its duration. In a recently organized government; General fund accounting begins as soon as the budget is adopted and all the necessary appropriations to comply with the government plan are recorded.
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