Governmental accounting Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets. 1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand. 2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences. 3. Prepaid insurance in the General Fund is $10,000. 4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs. 5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000. 6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000. 7. A long-term receivable from which collection proceeds are assigned to a specific purpose. 8. A long-term receivable with no constraint whatsoever on the use of collection proceeds
Governmental accounting
Explain how each of the following would affect the classification of the fund balance in the General Fund. All related resources are reported as General Fund assets.
1. Inventory of materials and supplies is $50,000 but $20,000 has not yet been paid to vendors for the recent purchases of the materials and supplies on hand.
2. The finance director has committed to using $40,000 of the carryover fund balance for employee attendance at training conferences.
3. Prepaid insurance in the General Fund is $10,000.
4. The city council adopted an ordinance setting aside $100,000 for planned improvements to police training programs.
5. Unspent receipts of a tax imposed with the stipulation that the monies raised must be used for economic development total $750,000.
6. Unrestricted tax receivables total $1,000,000, however, there are related deferred inflows of resources for unavailable taxes of $740,000.
7. A long-term receivable from which collection proceeds are assigned to a specific purpose.
8. A long-term receivable with no constraint whatsoever on the use of collection proceeds
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