A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one: A. Unassigned, $(2,000) B. Committed, $(2,000) C. Assigned, $(2,000) D. Restricted fund balance is reduced by $2,000.
A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000. What other fund balance category is reported? Select one: A. Unassigned, $(2,000) B. Committed, $(2,000) C. Assigned, $(2,000) D. Restricted fund balance is reduced by $2,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A special revenue fund reports total assets of $400,000 and total liabilities of $375,000. It reports these fund balance categories: Nonspendable, $12,000, and restricted, $15,000.
What other fund balance category is reported?
Select one:
A. Unassigned, $(2,000)
B. Committed, $(2,000)
C. Assigned, $(2,000)
D. Restricted fund balance is reduced by $2,000.
Which one of these capital projects fund accounts is closed at year-end?
Select one:
A. Accounts payable
B. Due from general fund
C. Deferred outlays of resources
D. Capital outlay
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