[shawnl112]

Please explain

Cal City maintains several major fund types. The following were among Cal’s cash receipts during the current year:

Unrestricted state grant $1,000,000

Interest on bank accounts held for employees’ pension plan $200,000

What amount of these cash receipts should be accounted for in Cal’s general fund?

a. $1,200,000

b. $200,000

c. $1,000,000

d. $0

[Anonymous]

So basically the general fund is anything that doesn't belong in the rest of GRaSPP or SE-PAPI, and since interest for employees' pension plans is part of pension trust funds, only the unrestricted state grants is part of general funds. And if the grants were restricted, or for a specific purpose, then it'd be under special revenue funds and the answer would be 0 instead.

[.]

Capital projects fund is just for building or buying big things like buildings, land, or equipment.

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[Wiley CPAExcel + Ninja MCQ]

Finally licensed.

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Wiley CPA Excel & Ninja MCQ

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