A contractual obligation (such as for the purchase of equipment)is an example of a committed fund balance.
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Q1: Fund balance indicates the legal claim of
Q4: When using modified accrual accounting,revenues should be
Q5: Modified accrual accounting is essentially the same
Q7: $200,000 to be used to fund government
Q8: A nonexchange transaction is one where a
Q10: Expenditures under modified accrual accounting are recognized
Q16: Budgets are not legally binding upon administrators
Q17: If "rainy day" funds are available "in
Q17: Revenues,but not expense are recorded the same
Q19: An exchange transaction is one where each
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