Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 3

The General Fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financial statements. Explain what is meant by each of the following balances: fund balance-nonspendable of $40,000, fund balance-restricted of $28,000, fund balance-committed of $ 17,000, fund balance- -assigned of $4,000, and fund balance-unassigned of $ 11,000.