Question

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.

Answer 1

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

Step-by-step 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.