Explain the differences between the general fund and special revenue funds. How do accounting and reporting requirements for these two types of funds differ? Please include personal experience with these funds.© BrainMass Inc. brainmass.com June 4, 2020, 5:14 am ad1c9bdddf
General Funds and Special Revenue Funds are maintained by the state or local government for receipts and expenditure. In the following discussion, we have explored key differences between both the funds in order to understand their purpose.
The General Fund indicates chief operating fund that is available in the hands of state or local government for all financial resources other than those needed to be kept for another fund. The general fund is used to show all the governmental activities expect those activities that are compelled to be reported under other funds (Bogui, 2008).
The Special Revenue Fund indicates funds that are restricted for specific purposes because of legal binding on the state or local government. Generally, the state or local government maintains a number of special revenue funds so as to have great control over the restricted resources for specific purposes and to avoid inclusion in the general funds (Bogui, 2008).
From the above meaning of both ...
The differences between the general fund and special revenue funds are examined. The response addresses the query posted in 582 words with APA References.