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What is the general fund on a balance sheet?

Introduction to Balance Sheet It has all liabilities and assets as on the date of the preparation of the balance sheet by the organization. The excess of assets over the liabilities is termed as Capital Fund or the General Fund.

What is general fund money?

General FundProvides for the predominant part of funding state government programs. Government Code 16300 provides that the. General Fund consists of moneys not required by law to be deposited into any other fund.

What is the general fund account?

General fund refers to revenues accruing to the state from taxes, fees, interest earnings, and other sources which can be used for the general operation of state government. General fund revenues are not specifically required in statute or in the constitution to support particular programs or agencies.

What are general funds examples?

A general fund is the chief operating fund for the entire government. It slightly serves as a catch-all fund for resources that arent required or designated for another fund. For example, the tax money generated by the United States federal government goes into the general fund.

What does fund balance mean?

Fund balance (Equity) is essentially the difference between assets and liabilities. In general, it is the balance remaining after the assets have been used to satisfy the outstanding liabilities.

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