Which of the following could not be reported on the General Fund balance sheet?

• A. Equipment
• B. Cash
• C. Interfund receivable
• D. Due from other governments

Answer: (C)

The General Fund balance sheet shows only current financial resources and current assets and liabilities that pertain to the Fund. It does not include long-term capital assets like equipment, which belong in the government-wide statements, not in the General Fund balance sheet. Interfund activity is treated as between funds and is presented in the fund statements as amounts due from or to other funds, typically labeled as “Due from other funds” or “Due to other funds.” The specific interfund balance concept is not reported as a separate item called interfund receivable on the General Fund balance sheet; those interfund amounts are shown as interfund assets/liabilities and are eliminated when preparing the government-wide statements. So an interfund receivable would not appear on the General Fund balance sheet as its own line item.