What Is a General Fund?
Ordinary funds refer to funds that are not designated for use and can be arranged for use by the unit, including accepting donations that are not designated for use.
General fund
Right!
- Chinese name
- General fund
- Foreign name
- General Fund
- Meaning
- Designated use
- Form
- Funds that can be arranged for use by the unit
- Ordinary funds refer to funds that are not designated for use and can be arranged for use by the unit, including accepting donations that are not designated for use.
- In accounting treatment, ordinary funds are government-type funds, with "expenditure" as the gist of measurement, and the revised accrual system is used accordingly. Taking expenditure as the main point of measurement is to require accounting measurement of the financial funds flowing into and out of each fund. Therefore, when accounting for general funds, those assets (fixed assets) that cannot be "spent" in the current period, as well as debt items (long-term liabilities) with a repayment period of more than one year, are generally not included. In addition, when accounting for general funds, non-cash expenses such as depreciation and amortization are not accounted for. In addition, ordinary funds are budget-type funds, and their business activities are subject to direct control of the budget, especially expenditures, which are usually subject to absolute restrictions on budget allocations. Therefore, the accounting cycle of this general fund should start with the budget, and the budget should be formally recorded in the accounting account. [1]