A city receives a grant with only a time requirement that is accounted for in a Special Revenue Fund. The city receives $200,000 in the current fiscal year, but the grant proceeds cannot be used until the next fiscal year. The city would recognize $200,000 as intergovernmental grant revenues in the next fiscal year.

Select one:

True

False

When a county receives cash advances under grants from the state, what account should it credit in its governmental-type funds if the grant eligibility requirements have not been met?

Select one:

A. Grant expenditures

B. Revenues - grants

C. Grants receivable

D. Advance from state government

Any fund balance in a governmental-type fund other than the General Fund that is not classified as nonspendable, restricted, or committed should be classified as assigned.

Select one:

True

False

The city council appropriates a portion of the government's current year-end fund balance to eliminate an anticipated budget deficit in next year's budget. Projected expenditures are anticipated to be greater than expected revenues next year. The appropriated portion of the current year's fund balance should be reported as:

Select one:

A. Restricted fund balance

B. Assigned fund balance

C. Nonspendable fund balance

D. Committed fund balance

E. Unassigned fund balance