The fund balance category that must be zero if unassigned fund balance is a deficit is a.

Question:

The fund balance category that must be zero if unassigned fund balance is a deficit is

a. assigned fund balance.

b. committed fund balance.

c. nonspendable fund balance.

d. restricted fund balance.

e. All of the above must be zero if unassigned fund balance is negative.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Governmental And Nonprofit Accounting Theory And Practice

ISBN: 9780132552721

9th Edition

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

See More Books

Question Posted: Feb 24, 2024 05:00 AM

See More Questions

Multiple Choice Questions 1. The fund balance category that must be zero if unassigned fund balance of the same fund is a deficit is a. Assigned fund balance. b. Committed fund balance. c....
Multiple Choice Questions 1. Which fund balance category is affected by having inventory and prepaid items at year-end? a. Assigned fund balance b. Committed fund balance c. Nonspendable fund balance...
The fund balance category that can have either a positive or a negative balance is a. assigned fund balance. b. committed fund balance. c. nonspendable fund balance. d. restricted fund balance. e....
1. If the nominal policy interest rate is 5% and the expected rate of inflation is 3%, what is the value for the vertical intercept of the LM curve? 2. If the expected rate of inflation were to...
TravelCenters of America LLC is the largest full-service travel center company in the United States, serving both professional drivers and motorists. Since 2011, the company's growth strategy has...
Question 22 1 pts Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120 units at $70 per...
Yearly price of gold. The price of gold is used by some financial analysts as a barometer of investors expectations of inflation, with the price of gold tending to increase as concerns about...
Helen Knight is attempting to sell her business to Chris Bosh. The company has assets of $1,800,000, liabilities of $1,600,000, and owners equity of $200,000. Both parties agree that the proper rate...
How did you precisely find End. Bal in Step 2/2
(Statement of Revenues, Expenditures, and Changes in Fund Balance) Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the year ended June 30, 20X8, for the General Fund of...
The fund balance category used to reflect a positive residual of assets less liabilities in any fund other than the General Fund is a. assigned fund balance. b. committed fund balance. c....
Suppose you document your answers to questions 1-5, along with your assessment of feasibility, in a report or PowerPoint presentation. What will you do with that report? And why?
The following graph shows a market supply curve in orange and a market demand curve in blue. Suppose there is an increase in demand and an increase in supply. Adjust the following graph to reflect...
AICPA and PCAOB auditing standards address the confirmation of accounts receivables. Under the currently effective standards, what are the circumstances under which confirmation of accounts...
Maphitha Limited produces a single type of a product. The company uses an actual costing system. The following information has been taken from the company's production and sales records for the month...
Master Budget was made for annual sale of 100,000 units @10 per unit. Actual sales figures were 80,000 units with a sales revenues of 840,00. The standard cost sheet indicated a variable...
Sales of a product was estimated at 80,000 pieces annually with a rate of 6 pu. Its variable mfg. costs are 2.50 pu with S&D and general expenses related to product is 59,000 on annual basis. Its...
In early 2012, Mei Lings gross pay increased from $75 000 per year to $83 000 per year. (a) What was the annual percent increase in Mei Lings pay before federal income taxes? (b) What was the annual...
After Theorem 1.5 we note that multiplying a row by 0 is not allowed because that could change a solution set. Give an example of a system with solution set S0 where after multiplying a row by 0 the...
Discuss how the worldwide trend toward urbanization is affecting opportunities for international marketing.
Discuss how slower population growth will affect businesses in your local community.
Discuss the impact of changes in the size and use of technology in the 1829 age group on marketing strategy planning in the United States.
Assignment Title: The Role of Bookkeeping in Business Management and Financial Reporting Objective: Understand the importance of proper bookkeeping procedures in the management of...
17) The adjustment that is made to allocate the cost of a building over its expected life is called:A) depreciation expense.B) residual value.C) accumulated depreciation.D) None of the above answers...
9) Prepaid Rent is considered to be a(n):A) liability.B) asset.C) contra-asset.D) expense.10) As Prepaid Rent is used, it becomes a(n):A) liability.B) expense. C) contra-asset.D) contra-revenue.11)...

The fund balance category that must be zero if unassigned fund balance is a deficit is a.

Question:

Step by Step Answer:

If unassigned fund balance is negative or deficit only one fund balance category must also equal zer...View the full answer

Governmental And Nonprofit Accounting Theory And Practice

Students also viewed these Business questions