Final answer:
Equipment should not be reported on the balance sheet of the General Fund because it is a capital asset, and the General Fund uses the modified accrual basis of accounting and the current financial resources measurement focus. Thus, option a is the correct answer.
Step-by-step explanation:
Which of the following should not be reported on the balance sheet of the General Fund? The correct answer is a. Equipment. According to the Generally Accepted Accounting Principles (GAAP) for governmental entities, the General Fund is accounted for using the modified accrual basis of accounting and the current financial resources measurement focus. Hence, capital assets such as equipment are not recorded in the General Fund's balance sheet. Instead, they are reported in the governmental activities columns of the government-wide financial statements. However, Tax Anticipation Notes Payable, Vouchers Payable, and amounts Due from the Federal Government represent current liabilities and receivables, respectively, and thus are recorded in the General Fund.