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According to GASB statement, Governmental fund balance information is reported in five different classifications, which provide hierarchy showing the extent to which the government is
According to GASB statement, Governmental fund balance information is reported in five different classifications, which provide hierarchy showing the extent to which the government is bound to honor constraints on the specific purposes for which amounts in the fund can be spent.
You are required to explain these five classifications of fund balances with an appropriate examples for each. Also, explain why there is a need for such a classification of governmental fund balances? Justify your answer with supportive examples.
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