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Question
Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance. Each classification may be used more than once.
A. Nonspendable Fund Balance
B. Restricted Fund Balance
C. Committed Fund Balance
D. Assigned Fund Balance
E. Unassigned Fund Balance
_____1. Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority.
_____2. Amounts can only be spent for the specific purposes stipulated by constitution, external resource provider or enabling legislation.
_____3. Residual classification of funds for the General Fund.
_____4. Dollar amount of Ending Inventory.
_____5. Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed.
_____6. Dollar amount of endowment principal
Answer
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