Which item would NOT be reported as general revenue in the statement of activities?

In governmental accounting, general revenues are those revenues that are not restricted to specific purposes and can be used for general operations. Tax revenues, grants, and gains from the sale of capital assets are all considered general revenues because they contribute to the overall financial resources available for the government to use in providing services.

Gains on the sale of capital assets are generally classified as revenues since they arise from the disposal of long-term assets and can be utilized for any governmental purpose. Grants are typically also included as general revenue, provided they are not restricted.

In contrast, gains associated with the impairment of capital assets do not fit this definition of general revenue. Impairment relates to a significant reduction in the value of an asset, and any gains recognized here pertain to the adjustment of asset values rather than general revenue that can be used for operational purposes. The nature of impairment losses is tied to specific accounting adjustments, rather than an influx of funds available for general spending, which is why this item would not be reported as general revenue in the statement of activities.