Which classifications may be not used for the Fund Balance of governmental funds?
A) Spendable
B) Nonspendable
C) Assigned
D) Unassigned
E) Restricted

Question

Quizplus · Accepted Answer

All of the classifications (nonspendable, assigned, unassigned, and restricted) may be used for Fund Balance of governmental funds, but "Spendable" is not a classification that is typically used. The Fund Balance is the difference between assets and liabilities in a governmental fund, and it represents the net position of the fund. The classifications are used to indicate how the funds are available for spending, or to signify restrictions on the use of the funds.

Which Classifications May Be Not Used for the Fund Balance