12. A budgetary comparison schedule is required for? A. The General Fund B. Each special revenue fund that has a legally adopted annual hudget C. Enterprise funds. D. (A) and (B) only 13. The modified accrual busis is a distinct systern of accounting that A. Differs from accrual acoounting only in its failure to recognize long term assets and lisbilities B. Records expenses and revenues the same as accrual accounting C. Records expenditures and fund balances D. Is equivalent to cash basis accounting. The Township of Thomasville's General Fund has the folowing net resources at year end $77,000 of prepaid insurance $375,000 any day fund approved by the towaship governing beard with specific conditions for its use $2,500 of supplies inventory $61,000 state grant or stow removal . $150,000 contractual obligations for the purchase of equipment 200,000 to be used to fund government operations in the future Outst anding encumbrance of $80,000 for the purchase of furniture & fixtures (assume no obligation) contractual 14. What would be the total Restricted fund balance? A. $61,000 B. $150,000 C. 5200,000 D. $375,000 15. What would be the total Committed fand balance? A. S375,000 B. $290,000 C. 5525,000 D. $455,000 16. What would be the total Nonspendable fund balance? A. $2,500 B. $77,000 C. $79,500 D. $159,500 17. Which ofthe folowing is true with respect to rainy day funds? A. Rainy day funds are classified as committed if they are created by a resolution or ordinance that identifies the specific circumstances under which the resources may be expended B. If rainy day fiunds are available "in emergencies" or periods of "revenue shortfalls" they are classified as committed C. Both A and B D. Neither A nor B. 31 Page