Question

Which of the following should not be reported as a liability of the General Fund?

a.General obligation bonds payable (due in 10 yr)
b.Vouchers payable
c.Tax anticipation N/P
d.Due to federal gov't

Answer 1

The liability that should not be reported as a liability of the General Fund is due to federal gov't.

Step-by-step explanation:

The liability that should not be reported as a liability of the General Fund is d. Due to federal gov't. The General Fund represents the primary operating fund of a government entity and is used for day-to-day operations. Liabilities such as general obligation bonds payable, vouchers payable, and tax anticipation N/P would be reported as liabilities of the General Fund because they represent obligations that need to be fulfilled using the resources of the General Fund.