Solved

Match the Following Fund Balance Descriptions for a General Fund

Question 16

Matching

Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance.Each classification may be used more than once.

Premises:

Responses:

Amounts can only be spent for the specific purposes stipulated by constitution, external resource provider or enabling legislation.

Assigned Fund Balance

Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed.

Unassigned Fund Balance

Dollar amount of Ending Inventory.

Nonspendable Fund Balance

Dollar amount of endowment principal.

Committed Fund Balance

Residual classification of funds for the General Fund.

Restricted Fund Balance

Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority.

Premises:

Amounts can only be spent for the specific purposes stipulated by constitution, external resource provider or enabling legislation.

Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed.

Dollar amount of Ending Inventory.

Dollar amount of endowment principal.

Residual classification of funds for the General Fund.

Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority.

Responses:

Assigned Fund Balance

Unassigned Fund Balance

Nonspendable Fund Balance

Committed Fund Balance

Restricted Fund Balance

Correct Answer:

Premises:

Responses:

Amounts can only be spent for the specific purposes stipulated by constitution, external resource provider or enabling legislation.

Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed.

Dollar amount of Ending Inventory.

Dollar amount of endowment principal.

Residual classification of funds for the General Fund.

Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority.

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