You are presented with the following balances for the general fund for June 30, 2020, prepared by a staff accountant. Cash $1,000,000 Prepaid Rent $100,000 Due from Other Governments $100,000 (Restricted Grant funds) Accounts Payable $100,000 Appropriations $900,000 Encumbrances $700,000 Estimated Revenues $800,000 Revenues $200,000 Expenses $100,000 a) Discuss the General Fund in terms of where it appears in the CAFR, the method of accounting that is used, and its measurement focus. Be sure to elaborate on these points, addressing 1) the specific set of financial statements in which the fund is reported; 2) whether the general fund is a major or non-major fund (how do you know?) and the effect this has on reporting and 3) what the implications are for both the method of accounting and the specific measurement focus that are utilized (c.g. the specific effects these have on the financial reporting). b) What is the value of the Fund Balance based on the account balances provided above? What does this Fund Balance generally tell you? What is the appropriate way to display the Fund Balance, following the standards mandated by GASB (i.e., the appropriate subcategories and the balance for each)? What does the unrestricted fund balance indicate-.e, what does it mean? c) What effect have Revenues and Expenditures had, to date, on the Fund Balance? d) When the legislature enacted the budget, what was its intended effect on the Fund Balance? Why might this have been their intention? c) How has the government performed in terms of its budget thus far? Explain, providing clear evidence. 1) Explain clearly the difference between the Fund Balance and Unexpended Appropriations. g) Suppose, instead, you had the following: Cash $500,000 Prepaid Rent $100,000 Due from Other Governments $100,000 (Restricted Grant funds) Accounts Payable $100,000 Appropriations $900,000 Encumbrances $700,000 Estimated Revenues $800,000 Revenues $200,000 Expenses $100,000 What is the value of the Fund Balance now, based on the account balances provided above? What does the Fund Balance generally tell you? What is the appropriate way to display the Fund Balance, following the standards mandated by GASB (i.e., the appropriate subcategories and the balance for each)? What does the unrestricted fund balance indicate now-what does it mean? You are presented with the following balances for the general fund for June 30, 2020, prepared by a staff accountant. Cash $1,000,000 Prepaid Rent $100,000 Due from Other Governments $100,000 (Restricted Grant funds) Accounts Payable $100,000 Appropriations $900,000 Encumbrances $700,000 Estimated Revenues $800,000 Revenues $200,000 Expenses $100,000 a) Discuss the General Fund in terms of where it appears in the CAFR, the method of accounting that is used, and its measurement focus. Be sure to elaborate on these points, addressing 1) the specific set of financial statements in which the fund is reported; 2) whether the general fund is a major or non-major fund (how do you know?) and the effect this has on reporting and 3) what the implications are for both the method of accounting and the specific measurement focus that are utilized (c.g. the specific effects these have on the financial reporting). b) What is the value of the Fund Balance based on the account balances provided above? What does this Fund Balance generally tell you? What is the appropriate way to display the Fund Balance, following the standards mandated by GASB (i.e., the appropriate subcategories and the balance for each)? What does the unrestricted fund balance indicate-.e, what does it mean? c) What effect have Revenues and Expenditures had, to date, on the Fund Balance? d) When the legislature enacted the budget, what was its intended effect on the Fund Balance? Why might this have been their intention? c) How has the government performed in terms of its budget thus far? Explain, providing clear evidence. 1) Explain clearly the difference between the Fund Balance and Unexpended Appropriations. g) Suppose, instead, you had the following: Cash $500,000 Prepaid Rent $100,000 Due from Other Governments $100,000 (Restricted Grant funds) Accounts Payable $100,000 Appropriations $900,000 Encumbrances $700,000 Estimated Revenues $800,000 Revenues $200,000 Expenses $100,000 What is the value of the Fund Balance now, based on the account balances provided above? What does the Fund Balance generally tell you? What is the appropriate way to display the Fund Balance, following the standards mandated by GASB (i.e., the appropriate subcategories and the balance for each)? What does the unrestricted fund balance indicate now-what does it mean