Question

Explain why special items are sometimes referred to as “one-shot” revenues. Why are they not reported...

Explain why special items are sometimes referred to as “one-shot” revenues. Why are they not reported with other revenues? Review 10 governments’ General Fund financial statements from the Internet or other sources. Do they report special items? If so, identify the government and explain the nature and amount of each special item.

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Answer #1

special items are sometimes referred to as “one-shot” revenues and they are not reported with other revenues because they are not reoccurring .

Eh.beach party

the general fund accounts for and report all financial resources not accounted for that are not specifically instructed for a special fundthe general fund reports all financial resources not accounted for or reported in another fund the special revenue fund accounts for specific revenue sources that are restricted or committed to expenditure for specific purposes
one general fund or multiple special revenue funds

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