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Within governmental funds, equity is reported as fund balance; proprietary and fiduciary fund equity is reported as net assets. Fund balance and net assets are the difference between fund assets and liabilities reflected on the balance sheet or statement of net assets.
Fund Financial Statements nonspendable fund balance; restricted fund balance; committed fund balance; assigned fund balance; and. unassigned fund balance.
There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund.
The Generally Accepted Accounting Principles (GAAP) basis classification divides funds into three fund categories: governmental, proprietary, and fiduciary.
Types of Governmental Funds General Fund. A general fund is the chief operating fund for the entire government. Special Revenue Funds. These are used to track the revenue from specific sources restricted to certain purposes. Debt Service Fund. Capital Projects Fund.
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GASB defines major funds as those meeting the following criteria: The total assets plus deferred outflows, liabilities plus deferred inflows, revenues, or expenditures/expenses of the individual governmental or enterprise fund are at least 10 percent of the corresponding total (assets, liabilities, etc.)
Governmental funds are classified into five fund types: general, special revenue, capital projects, debt service, and permanent funds.
Although a local government has to report only one general fund in its external financial reports, the government can have multiple general subfunds for its internal managerial purposes. These managerial subfunds have to be combined into one general fund for external financial reporting.

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