According to GASB Statement No.54,spendable fund balances are displayed in which of the following categories?

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Quizplus · Accepted Answer

According to GASB Statement No.54, spendable fund balances are displayed in four categories: Restricted, Committed, Assigned, and Unassigned. Restricted funds have limitations on their use, committed funds are earmarked for a specific purpose by the government, assigned funds are intended to be used for a specific purpose but are not legally restricted, and unassigned funds have no specific purpose designated by the government. Therefore, choice B is the correct option. Choices A, C, and D are incorrect as they either do not include all the categories or include categories that are not part of GASB Statement 54's classifications of spendable fund balances.