1. Describe the main sections on the General Fund Balance Sheet and identify one account that would appear in each section. Also, describe the purpose of the Statement of Revenue, Expenditures, and Changes in Fund Balance. Words 150

2. "The entire debt arising from the acquisition of general capital assets under a capital lease agreement should be reported as debt of the fund that accounts for the activities of the department or function using the leased asset. Only debt arising from the lease of equipment used by a number of departments should be reported in the governmental activities accounts, rather than a fund." Do you agree? Why or why not? word 150